CorMedix (NASDAQ:CRMD) Stock Keeps Buy Rating at Needham & Company LLC

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

Several other research analysts also recently commented on the company. Weiss Ratings raised CorMedix from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Oppenheimer assumed coverage on shares of CorMedix in a research note on Wednesday, September 23rd. They set an “outperform” rating and a $15.00 target price for the company. Finally, Royal Bank Of Canada increased their price target on shares of CorMedix from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Friday, August 14th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $15.00.

CorMedix Stock Performance

NASDAQ:CRMD traded up $0.12 during midday trading on Monday, reaching $7.38. The stock had a trading volume of 1,471,857 shares, compared to its average volume of 1,581,376. CorMedix has a 1-year low of $6.13 and a 1-year high of $13.02. The firm’s fifty day simple moving average is $7.85 and its 200-day simple moving average is $7.91. 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 stock has a market capitalization of $575.23 million, a P/E ratio of 3.45, a PEG ratio of 1.34 and a beta of 1.40.

CorMedix (NASDAQ:CRMD) last released its 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. CorMedix had a net margin of 40.49% and a return on equity of 40.52%. The firm had revenue of $101.93 million during the quarter, compared to analyst estimates of $96.04 million. On average, equities research analysts forecast that CorMedix will post 0.54 EPS for the current fiscal year.

Institutional Investors Weigh In On CorMedix

A number of institutional investors have recently bought and sold shares of the business. WINTON GROUP Ltd increased its position in shares of CorMedix by 69.7% during the 2nd quarter. WINTON GROUP Ltd now owns 65,061 shares of the company’s stock worth $511,000 after purchasing an additional 26,723 shares in the last quarter. HighTower Advisors LLC grew its position in CorMedix by 8.2% during the 2nd quarter. HighTower Advisors LLC now owns 32,655 shares of the company’s stock worth $256,000 after acquiring an additional 2,476 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in CorMedix during the 2nd quarter worth approximately $247,000. Headlands Technologies LLC increased its holdings in CorMedix by 63.0% during the 2nd quarter. Headlands Technologies LLC now owns 96,773 shares of the company’s stock valued at $760,000 after purchasing an additional 37,401 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in CorMedix by 5.6% during the 2nd quarter. Wellington Management Group LLP now owns 215,795 shares of the company’s stock valued at $1,694,000 after purchasing an additional 11,530 shares in the last quarter. 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.