CorMedix (NASDAQ:CRMD) Given “Buy” Rating at Needham & Company LLC

CorMedix (NASDAQ:CRMD)‘s stock had its “buy” rating reaffirmed by equities researchers 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 suggests a potential upside of 104.08% from the stock’s previous close.

Other analysts have also issued reports about the company. Oppenheimer assumed coverage on CorMedix in a report on Wednesday, September 23rd. They set an “outperform” rating and a $15.00 target price on the stock. Royal Bank Of Canada increased their target price on CorMedix from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Finally, Weiss Ratings raised CorMedix from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $15.00.

CorMedix Price Performance

Shares of CRMD traded up $0.09 during trading hours on Monday, hitting $7.35. 1,036,530 shares of the company were exchanged, compared to its average volume of 1,578,976. The company has a market cap of $572.89 million, a price-to-earnings ratio of 3.44, a P/E/G ratio of 1.34 and a beta of 1.40. CorMedix has a fifty-two week low of $6.13 and a fifty-two 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. The firm’s fifty day moving average is $7.85 and its 200 day moving average is $7.91.

CorMedix (NASDAQ:CRMD) last released 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. The company 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%. On average, equities analysts anticipate that CorMedix will post 0.54 earnings per share for the current fiscal year.

Institutional Trading of CorMedix

Several large investors have recently bought and sold shares of CRMD. BlackRock Inc. acquired a new stake in shares of CorMedix during the second quarter valued at about $49,644,000. Bank of New York Mellon Corp acquired a new stake in shares of CorMedix during the second quarter valued at about $3,108,000. Pacer Advisors Inc. boosted its stake 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 purchasing an additional 326,724 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its stake in shares of CorMedix by 150.6% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 438,629 shares of the company’s stock valued at $3,443,000 after purchasing an additional 263,618 shares in the last quarter. Finally, Empowered Funds LLC acquired a new stake in shares of CorMedix during the second quarter valued at about $1,909,000. 34.18% of the stock is owned by institutional investors and hedge funds.

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.