Needham & Company LLC Issues Positive Forecast for CorMedix (NASDAQ:CRMD) Stock Price

CorMedix (NASDAQ:CRMD) had its target price hoisted by research analysts at Needham & Company LLC from $12.00 to $14.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC‘s target price would indicate a potential upside of 155.94% from the stock’s previous close.

CRMD has been the subject of a number of other reports. Royal Bank Of Canada upped their target price on shares of CorMedix from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Friday, August 14th. Weiss Ratings upgraded CorMedix from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Oppenheimer initiated coverage on CorMedix in a report on Wednesday, September 23rd. They set an “outperform” rating and a $15.00 price target for the company. UBS Group set a $19.00 price objective on CorMedix in a research note on Tuesday. Finally, Citigroup reaffirmed a “market outperform” rating on shares of CorMedix in a research report on Tuesday. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $15.33.

CorMedix Price Performance

NASDAQ CRMD opened at $5.47 on Tuesday. The stock has a market capitalization of $426.33 million, a price-to-earnings ratio of 2.56, a PEG ratio of 1.06 and a beta of 1.48. CorMedix has a 1-year low of $5.10 and a 1-year high of $13.02. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.56 and a quick ratio of 2.36. The business’s fifty day moving average price is $7.45 and its 200-day moving average price is $7.62.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings data on Thursday, August 13th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.24 by $0.05. The company had revenue of $101.93 million during the quarter, compared to analyst estimates of $96.04 million. CorMedix had a return on equity of 40.52% and a net margin of 40.49%. On average, equities analysts predict that CorMedix will post 0.54 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in CorMedix during the second quarter valued at $49,644,000. Bank of New York Mellon Corp bought a new stake in shares of CorMedix in the second quarter worth about $3,108,000. Pacer Advisors Inc. increased its holdings in shares of CorMedix by 128.7% in the first quarter. Pacer Advisors Inc. now owns 580,620 shares of the company’s stock worth $3,942,000 after purchasing an additional 326,724 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its position in shares of CorMedix by 150.6% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 438,629 shares of the company’s stock worth $3,443,000 after buying an additional 263,618 shares in the last quarter. Finally, Empowered Funds LLC purchased a new stake in shares of CorMedix in the second quarter worth about $1,909,000. 34.18% of the stock is currently owned by institutional investors.

CorMedix Company Profile

CorMedix Inc is a biopharmaceutical company focused on developing and commercializing products designed to prevent and treat life-threatening infections and inflammatory conditions. The company’s lead product is DefenCath, a catheter-lock solution containing taurolidine and citrate.

DefenCath is approved by the U.S. Food and Drug Administration for use in adult patients with kidney failure who are receiving chronic hemodialysis through a central venous catheter. It is intended to reduce the risk of catheter-related bloodstream infections, a significant complication for patients who depend on long-term vascular access.