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

CorMedix (NASDAQ:CRMD)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a report issued on Monday, Benzinga reports. They presently have a $15.00 target price on the stock. Needham & Company LLC’s price objective indicates a potential upside of 104.03% from the company’s previous close.

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

CorMedix Stock Performance

Shares of CRMD traded up $0.09 during mid-day trading on Monday, hitting $7.35. The company’s stock had a trading volume of 871,722 shares, compared to its average volume of 1,578,215. CorMedix has a one year low of $6.13 and a one year high of $13.02. The stock’s 50-day moving average is $7.85 and its two-hundred day moving average is $7.91. The firm has a market capitalization of $573.04 million, a PE ratio of 3.44, a price-to-earnings-growth 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 (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. The firm had revenue of $101.93 million during 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%. As a group, sell-side analysts anticipate that CorMedix will post 0.54 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Gryphon Financial Partners LLC boosted its stake in CorMedix by 6.3% during the first quarter. Gryphon Financial Partners LLC now owns 27,401 shares of the company’s stock worth $186,000 after buying an additional 1,618 shares in the last quarter. HighTower Advisors LLC increased 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 buying an additional 2,476 shares during the period. Kestra Advisory Services LLC raised its stake in shares of 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 in the last quarter. Summit Securities Group LLC acquired a new position in shares of CorMedix in the 1st quarter valued at $70,000. Finally, Quantbot Technologies LP acquired a new position in shares of CorMedix in the 2nd quarter valued at $85,000. 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.