Needham & Company LLC Reaffirms “Buy” Rating for CorMedix (NASDAQ:CRMD)

CorMedix (NASDAQ:CRMD)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a research note issued on Monday, Benzinga reports. They currently have a $15.00 price target on the stock. Needham & Company LLC’s target price points to a potential upside of 104.03% from the company’s current price.

Other research analysts also recently issued reports about the stock. Royal Bank Of Canada boosted their price objective on shares of CorMedix from $13.00 to $14.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Oppenheimer began coverage on shares of CorMedix in a research report on Wednesday, September 23rd. They issued an “outperform” rating and a $15.00 target price for the company. Finally, Weiss Ratings raised shares of CorMedix from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $15.00.

CorMedix Stock Up 1.3%

NASDAQ:CRMD traded up $0.09 during trading hours on Monday, hitting $7.35. 871,722 shares of the company’s stock traded hands, compared to its average volume of 1,578,215. The stock’s fifty day moving average price is $7.85 and its two-hundred day moving average price is $7.91. The firm has a market cap of $573.04 million, a P/E ratio of 3.44, a P/E/G ratio of 1.34 and a beta of 1.40. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.36 and a current ratio of 2.56. CorMedix has a twelve month low of $6.13 and a twelve month high of $13.02.

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

Institutional Investors Weigh In On CorMedix

A number of large investors have recently added to or reduced their stakes in the stock. Kestra Advisory Services LLC grew its stake in CorMedix by 142.9% in the 1st quarter. Kestra Advisory Services LLC now owns 10,200 shares of the company’s stock valued at $69,000 after buying an additional 6,000 shares during the last quarter. Summit Securities Group LLC acquired a new position in CorMedix during the 1st quarter worth $70,000. Quantbot Technologies LP acquired a new position in CorMedix during the 2nd quarter worth $85,000. Allworth Financial LP bought a new stake in CorMedix during the second quarter valued at about $88,000. Finally, Stoneridge Investment Partners LLC bought a new stake in CorMedix during the second quarter valued at about $99,000. Institutional investors 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.