Palumbo Wealth Management LLC Boosts Stock Position in CorMedix Inc. (NASDAQ:CRMD)

Palumbo Wealth Management LLC lifted its position in CorMedix Inc. (NASDAQ:CRMD) by 145.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 30,326 shares of the company’s stock after purchasing an additional 17,960 shares during the quarter. Palumbo Wealth Management LLC’s holdings in CorMedix were worth $246,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRMD. Geode Capital Management LLC raised its position in CorMedix by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock worth $10,380,000 after buying an additional 13,171 shares during the last quarter. State Street Corp increased its stake in shares of CorMedix by 0.8% in the third quarter. State Street Corp now owns 1,225,756 shares of the company’s stock worth $9,904,000 after acquiring an additional 10,204 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of CorMedix by 685.5% during the third quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock worth $1,568,000 after purchasing an additional 169,397 shares during the last quarter. Wellington Management Group LLP lifted its position in CorMedix by 130.7% during the third quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock valued at $1,462,000 after purchasing an additional 102,527 shares during the period. Finally, Wingate Wealth Advisors Inc. acquired a new position in CorMedix during the fourth quarter valued at $1,021,000. Institutional investors and hedge funds own 34.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CRMD shares. Needham & Company LLC lifted their price objective on CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Royal Bank of Canada lifted their price target on CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. StockNews.com raised CorMedix to a “sell” rating in a report on Friday, November 8th. Truist Financial raised their price objective on shares of CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, D. Boral Capital reiterated a “buy” rating and issued a $15.00 target price on shares of CorMedix in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $15.67.

CorMedix Price Performance

Shares of NASDAQ:CRMD opened at $10.48 on Friday. The business’s 50 day moving average price is $10.04 and its 200-day moving average price is $8.88. CorMedix Inc. has a 1 year low of $3.03 and a 1 year high of $13.85. The firm has a market capitalization of $635.93 million, a price-to-earnings ratio of -12.94 and a beta of 1.57.

CorMedix Profile

CorMedix Inc, a biopharmaceutical company, focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the United States. Its lead product candidate is DefenCath, an antimicrobial catheter lock solution to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure.