CorMedix’s (CRMD) Buy Rating Reaffirmed at Needham & Company LLC

CorMedix (NASDAQ:CRMD)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a note issued to investors on Monday, Benzinga reports. They currently have a $15.00 price target on the stock. Needham & Company LLC’s price target would suggest a potential upside of 104.08% from the company’s previous close.

CRMD has been the subject of a number of other research reports. Oppenheimer began coverage on CorMedix in a report on Wednesday, September 23rd. They set an “outperform” rating and a $15.00 price target for the company. Weiss Ratings upgraded CorMedix from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. Finally, Royal Bank Of Canada boosted their price objective on CorMedix from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $15.00.

CorMedix Price Performance

Shares of NASDAQ CRMD traded up $0.09 during mid-day trading on Monday, reaching $7.35. The company had a trading volume of 1,072,373 shares, compared to its average volume of 1,579,205. The company has a current ratio of 2.56, a quick ratio of 2.36 and a debt-to-equity ratio of 0.31. The stock has a market cap of $572.89 million, a PE ratio of 3.44, a P/E/G ratio of 1.34 and a beta of 1.40. The company has a 50-day moving average price of $7.85 and a two-hundred day moving average price of $7.91. CorMedix has a 1-year low of $6.13 and a 1-year high of $13.02.

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

Institutional Investors Weigh In On CorMedix

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in CorMedix during the 2nd quarter worth $49,644,000. Pacer Advisors Inc. lifted its position in shares of CorMedix by 128.7% during the 1st quarter. Pacer Advisors Inc. now owns 580,620 shares of the company’s stock valued at $3,942,000 after buying an additional 326,724 shares in 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 valued at $3,443,000 after acquiring an additional 263,618 shares in the last quarter. Private Advisor Group LLC boosted its holdings in CorMedix by 33.3% in the 1st quarter. Private Advisor Group LLC now owns 504,668 shares of the company’s stock valued at $3,427,000 after purchasing an additional 126,131 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in CorMedix during the second quarter worth $3,108,000. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

CorMedix Company Profile

CorMedix Inc is a biopharmaceutical company focused on developing and commercializing products designed to prevent and treat infectious and inflammatory diseases. The company’s lead product is DefenCath^® (taurolidine and heparin), an antimicrobial catheter-lock solution intended to reduce the risk of catheter-related bloodstream infections in adult patients with kidney failure who receive chronic hemodialysis through a central venous catheter.

The U.S. Food and Drug Administration approved DefenCath in 2023.