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

CorMedix (NASDAQ:CRMD)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a report released on Monday, Benzinga reports. They presently have a $15.00 price target on the stock. Needham & Company LLC’s target price would indicate a potential upside of 103.25% from the stock’s current price.

Other research analysts have also issued reports about the company. Oppenheimer initiated coverage on CorMedix in a research report on Wednesday, September 23rd. They issued an “outperform” rating and a $15.00 target price on the stock. 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 lifted their price target on CorMedix from $13.00 to $14.00 and gave the company 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.com, the stock has an average rating of “Moderate Buy” and an average price target of $15.00.

CorMedix Stock Up 1.7%

Shares of CorMedix stock traded up $0.12 on Monday, hitting $7.38. 1,471,857 shares of the company traded hands, compared to its average volume of 1,581,376. The company has a 50-day moving average price of $7.85 and a 200 day moving average price of $7.91. The company has a quick ratio of 2.36, a current ratio of 2.56 and a debt-to-equity ratio of 0.31. CorMedix has a 12-month low of $6.13 and a 12-month high of $13.02. The company has a market cap of $575.23 million, a PE ratio of 3.45, a PEG ratio of 1.34 and a beta of 1.40.

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

Institutional Investors Weigh In On CorMedix

Institutional investors and hedge funds have recently modified their holdings of the business. Kestra Advisory Services LLC increased its position in CorMedix by 142.9% during the first quarter. Kestra Advisory Services LLC now owns 10,200 shares of the company’s stock worth $69,000 after buying an additional 6,000 shares during the last quarter. Summit Securities Group LLC bought a new position in CorMedix during the first quarter valued at about $70,000. Quantbot Technologies LP acquired a new stake in shares of CorMedix in the second quarter worth about $85,000. Allworth Financial LP acquired a new stake in shares of CorMedix in the second quarter worth about $88,000. Finally, Stoneridge Investment Partners LLC bought a new stake in shares of CorMedix during the 2nd quarter worth about $99,000. Institutional investors and hedge funds own 34.18% of the company’s stock.

About CorMedix

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.