MJP Associates Inc. ADV Invests $94,000 in CorMedix Inc. (NASDAQ:CRMD)

MJP Associates Inc. ADV bought a new position in CorMedix Inc. (NASDAQ:CRMD) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 25,000 shares of the company’s stock, valued at approximately $94,000.

A number of other hedge funds have also recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its position in CorMedix by 16.2% during the third quarter. Bank of New York Mellon Corp now owns 151,566 shares of the company’s stock worth $561,000 after purchasing an additional 21,185 shares in the last quarter. Castellan Group purchased a new position in CorMedix during the second quarter worth approximately $98,000. Ghisallo Capital Management LLC purchased a new position in CorMedix during the second quarter worth approximately $991,000. GSG Advisors LLC boosted its position in CorMedix by 65.0% during the fourth quarter. GSG Advisors LLC now owns 49,500 shares of the company’s stock worth $177,000 after purchasing an additional 19,500 shares in the last quarter. Finally, Baystate Wealth Management LLC purchased a new position in CorMedix during the second quarter worth approximately $40,000. Hedge funds and other institutional investors own 34.18% of the company’s stock.

Insider Buying and Selling at CorMedix

In related news, CEO Joseph Todisco purchased 13,561 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was purchased at an average price of $3.74 per share, with a total value of $50,718.14. Following the completion of the acquisition, the chief executive officer now owns 352,839 shares in the company, valued at $1,319,617.86. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 3.60% of the company’s stock.

CorMedix Price Performance

Shares of CorMedix stock traded up $0.08 during mid-day trading on Thursday, reaching $4.24. 339,271 shares of the stock traded hands, compared to its average volume of 435,285. The business has a 50-day moving average of $3.44 and a 200 day moving average of $3.49. CorMedix Inc. has a fifty-two week low of $2.57 and a fifty-two week high of $6.09.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Truist Financial lowered their price target on CorMedix from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, January 31st. Royal Bank of Canada reduced their target price on CorMedix from $10.00 to $9.00 and set an “outperform” rating for the company in a report on Wednesday, March 13th.

CorMedix Company 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.