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

CorMedix (NASDAQ:CRMD)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $15.00 target price on the stock. Needham & Company LLC‘s price objective points to a potential upside of 92.93% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Oppenheimer assumed coverage on CorMedix in a report on Wednesday, September 23rd. They issued an “outperform” rating and a $15.00 price objective for the company. Weiss Ratings upgraded CorMedix from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. Finally, Royal Bank Of Canada raised their price target on CorMedix from $13.00 to $14.00 and gave the company an “outperform” rating in a research note 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. According to MarketBeat.com, CorMedix has a consensus rating of “Moderate Buy” and a consensus price target of $15.00.

CorMedix Stock Up 2.7%

Shares of CRMD traded up $0.21 during mid-day trading on Monday, hitting $7.78. 485,680 shares of the company’s stock were exchanged, compared to its average volume of 1,572,882. The company has a 50-day simple moving average of $7.85 and a 200 day simple moving average of $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 company has a market cap of $605.98 million, a PE ratio of 3.63, a P/E/G ratio of 1.37 and a beta of 1.40. CorMedix has a 52 week low of $6.13 and a 52 week 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 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 business had revenue of $101.93 million during the quarter, compared to the consensus estimate of $96.04 million. On average, research analysts forecast that CorMedix will post 0.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CorMedix

A number of institutional investors and hedge funds have recently modified their holdings of CRMD. WINTON GROUP Ltd raised its holdings in CorMedix by 69.7% in the 2nd quarter. WINTON GROUP Ltd now owns 65,061 shares of the company’s stock valued at $511,000 after acquiring an additional 26,723 shares during the period. HighTower Advisors LLC raised its holdings in CorMedix by 8.2% in the 2nd quarter. HighTower Advisors LLC now owns 32,655 shares of the company’s stock valued at $256,000 after acquiring an additional 2,476 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in CorMedix in the 2nd quarter valued at about $247,000. Headlands Technologies LLC raised its holdings in CorMedix by 63.0% in the 2nd quarter. Headlands Technologies LLC now owns 96,773 shares of the company’s stock valued at $760,000 after acquiring an additional 37,401 shares during the period. Finally, Wellington Management Group LLP raised its holdings in CorMedix by 5.6% in the 2nd quarter. Wellington Management Group LLP now owns 215,795 shares of the company’s stock valued at $1,694,000 after acquiring an additional 11,530 shares during the period. 34.18% of the stock is owned by 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.