CorMedix (NASDAQ:CRMD) Stock Price Target Cut by Needham & Company LLC

CorMedix (NASDAQ:CRMD) had its price target lowered by analysts at Needham & Company LLC from $15.00 to $12.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC‘s price objective indicates a potential upside of 120.39% from the stock’s current price.

CRMD has been the topic of several other research reports. Weiss Ratings raised shares of CorMedix from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. Oppenheimer started coverage on shares of CorMedix in a research report on Wednesday, September 23rd. They set an “outperform” rating and a $15.00 price target for the company. Finally, Royal Bank Of Canada lifted their price objective on CorMedix from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.62.

CorMedix Price Performance

Shares of NASDAQ CRMD traded down $0.26 during trading hours on Monday, reaching $5.45. 1,768,948 shares of the stock traded hands, compared to its average volume of 1,591,344. The company’s 50-day simple moving average is $7.80 and its two-hundred day simple moving average is $7.66. The company has a market capitalization of $424.38 million, a P/E ratio of 2.55, a price-to-earnings-growth ratio of 1.06 and a beta of 1.48. CorMedix has a 52-week low of $5.34 and a 52-week high of $13.02. 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 (NASDAQ:CRMD) last issued its earnings results on Thursday, August 13th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.05. CorMedix had a return on equity of 40.52% and a net margin of 40.49%. The business had revenue of $101.93 million during the quarter, compared to analyst estimates of $96.04 million. Equities research analysts forecast that CorMedix will post 0.54 EPS for the current year.

Institutional Investors Weigh In On CorMedix

Several institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of CorMedix in the 2nd quarter worth approximately $49,644,000. Pacer Advisors Inc. raised its holdings in shares of CorMedix by 128.7% during the first quarter. Pacer Advisors Inc. now owns 580,620 shares of the company’s stock valued at $3,942,000 after acquiring an additional 326,724 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its stake in CorMedix by 150.6% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 438,629 shares of the company’s stock worth $3,443,000 after acquiring an additional 263,618 shares during the period. Private Advisor Group LLC boosted its holdings in CorMedix by 33.3% in the first quarter. Private Advisor Group LLC now owns 504,668 shares of the company’s stock valued at $3,427,000 after acquiring an additional 126,131 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in CorMedix during the 2nd quarter valued at $3,108,000. Hedge funds and other institutional investors own 34.18% of the company’s stock.

CorMedix Company Profile

CorMedix Inc is a biopharmaceutical company focused on developing and commercializing products designed to prevent and treat life-threatening infections and inflammatory conditions. The company’s lead product is DefenCath, a catheter-lock solution containing taurolidine and citrate.

DefenCath is approved by the U.S. Food and Drug Administration for use in adult patients with kidney failure who are receiving chronic hemodialysis through a central venous catheter. It is intended to reduce the risk of catheter-related bloodstream infections, a significant complication for patients who depend on long-term vascular access.