Balyasny Asset Management L.P. Makes New Investment in CorMedix Inc. (NASDAQ:CRMD)

Balyasny Asset Management L.P. bought a new position in CorMedix Inc. (NASDAQ:CRMD) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 44,270 shares of the company’s stock, valued at approximately $359,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of CorMedix by 10.1% in the fourth quarter. Vanguard Group Inc. now owns 3,378,191 shares of the company’s stock worth $27,363,000 after acquiring an additional 309,514 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of CorMedix by 685.5% in the third quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock worth $1,568,000 after acquiring an additional 169,397 shares during the period. New York State Common Retirement Fund grew its holdings in shares of CorMedix by 1,398.2% in the fourth quarter. New York State Common Retirement Fund now owns 167,249 shares of the company’s stock worth $1,355,000 after acquiring an additional 156,086 shares during the period. Renaissance Technologies LLC bought a new stake in shares of CorMedix in the fourth quarter worth $1,085,000. Finally, Wingate Wealth Advisors Inc. bought a new stake in shares of CorMedix in the fourth quarter worth $1,021,000. Institutional investors own 34.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CRMD shares. D. Boral Capital reaffirmed a “buy” rating and issued a $15.00 price objective on shares of CorMedix in a report on Tuesday, May 6th. Leerink Partnrs raised CorMedix to a “strong-buy” rating in a report on Friday, March 7th. Leerink Partners started coverage on CorMedix in a report on Friday, March 7th. They issued an “outperform” rating and a $18.00 price objective for the company. StockNews.com raised CorMedix from a “sell” rating to a “hold” rating in a report on Tuesday, April 1st. Finally, Needham & Company LLC lifted their target price on CorMedix from $12.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, May 7th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $15.00.

CorMedix Stock Performance

NASDAQ CRMD opened at $12.28 on Friday. The company has a market capitalization of $832.89 million, a PE ratio of -15.16 and a beta of 1.54. The business’s fifty day moving average is $8.84 and its 200 day moving average is $9.74. CorMedix Inc. has a fifty-two week low of $3.61 and a fifty-two week high of $13.85.

CorMedix (NASDAQ:CRMD) last released its earnings results on Tuesday, May 6th. The company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.05. The company had revenue of $39.08 million for the quarter, compared to analysts’ expectations of $38.90 million. During the same quarter last year, the firm posted ($0.25) earnings per share. On average, sell-side analysts forecast that CorMedix Inc. will post -0.32 EPS for the current year.

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.