Wingate Wealth Advisors Inc. Makes New Investment in CorMedix Inc. (NASDAQ:CRMD)

Wingate Wealth Advisors Inc. purchased a new stake in CorMedix Inc. (NASDAQ:CRMD) in the fourth quarter, HoldingsChannel reports. The firm purchased 126,015 shares of the company’s stock, valued at approximately $1,021,000. CorMedix comprises about 1.0% of Wingate Wealth Advisors Inc.’s portfolio, making the stock its 28th largest position.

A number of other hedge funds have also modified their holdings of CRMD. Geode Capital Management LLC increased its position in shares of CorMedix by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock valued at $10,380,000 after buying an additional 13,171 shares in the last quarter. State Street Corp increased its holdings 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 in the last quarter. JPMorgan Chase & Co. raised its position 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 period. Wellington Management Group LLP raised its position in shares of CorMedix by 130.7% during the third quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock worth $1,462,000 after purchasing an additional 102,527 shares during the period. Finally, Parallax Volatility Advisers L.P. bought a new position in shares of CorMedix during the 3rd quarter valued at about $648,000. 34.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at CorMedix

In other CorMedix news, EVP Elizabeth Hurlburt sold 140,027 shares of CorMedix stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $11.18, for a total value of $1,565,501.86. Following the completion of the sale, the executive vice president now directly owns 45,397 shares in the company, valued at approximately $507,538.46. The trade was a 75.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.20% of the company’s stock.

CorMedix Stock Performance

NASDAQ CRMD opened at $10.16 on Monday. The firm’s fifty day moving average price is $9.99 and its two-hundred day moving average price is $8.69. CorMedix Inc. has a fifty-two week low of $2.89 and a fifty-two week high of $13.85. The stock has a market cap of $616.48 million, a PE ratio of -12.54 and a beta of 1.57.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CRMD. D. Boral Capital restated a “buy” rating and set a $15.00 price objective on shares of CorMedix in a report on Wednesday, January 22nd. 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 note on Thursday, December 19th. Truist Financial upped their price objective on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Needham & Company LLC lifted their target price on CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, StockNews.com raised CorMedix to a “sell” rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $15.67.

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.