Needham & Company LLC Forecasts Strong Price Appreciation for CorMedix (NASDAQ:CRMD) Stock

CorMedix (NASDAQ:CRMD) had its target price lifted by analysts at Needham & Company LLC from $12.00 to $14.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC‘s target price would suggest a potential upside of 155.94% from the company’s previous close.

CRMD has been the topic of several other research reports. 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 on the stock. Citigroup reiterated a “market outperform” rating on shares of CorMedix in a research report on Tuesday. UBS Group set a $19.00 price objective on CorMedix in a report on Tuesday. Weiss Ratings raised 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 increased their price target 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. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $15.33.

CorMedix Trading Up 2.8%

CorMedix stock opened at $5.47 on Tuesday. 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 fifty-two week low of $5.10 and a fifty-two week high of $13.02. The stock has a market cap of $426.33 million, a P/E ratio of 2.56, a PEG ratio of 1.06 and a beta of 1.48. The firm’s fifty day moving average price is $7.45 and its 200-day moving average price is $7.62.

CorMedix (NASDAQ:CRMD) last announced 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. The business had revenue of $101.93 million for the quarter, compared to analyst estimates of $96.04 million. CorMedix had a return on equity of 40.52% and a net margin of 40.49%. Equities 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 have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. purchased a new stake in CorMedix during the 3rd quarter valued at about $31,000. Kestra Advisory Services LLC increased its holdings 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 worth $69,000 after purchasing an additional 6,000 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of CorMedix during the second quarter valued at $85,000. Allworth Financial LP bought a new position in shares of CorMedix during the second quarter valued at $88,000. Finally, Stoneridge Investment Partners LLC purchased a new stake in shares of CorMedix during the second quarter valued at $99,000. 34.18% of the stock is owned by hedge funds and other institutional investors.

About CorMedix

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.