CorMedix’s (CRMD) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of CorMedix (NASDAQ:CRMD) in a report released on Monday morning,Benzinga reports. Needham & Company LLC currently has a $15.00 target price on the stock.

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

CorMedix Trading Up 2.9%

NASDAQ:CRMD opened at $7.79 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.56 and a quick ratio of 2.36. CorMedix has a one year low of $6.13 and a one year high of $13.02. The company has a market cap of $607.18 million, a PE ratio of 3.64, a PEG ratio of 1.40 and a beta of 1.40. The firm has a 50-day moving average of $7.86 and a 200-day moving average of $7.92.

CorMedix (NASDAQ:CRMD) last posted 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. CorMedix had a net margin of 40.49% and a return on equity of 40.52%. The company had revenue of $101.93 million for the quarter, compared to analyst estimates of $96.04 million. As a group, equities research analysts expect that CorMedix will post 0.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRMD. WINTON GROUP Ltd increased its position in shares of CorMedix by 69.7% during the second 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 last quarter. HighTower Advisors LLC lifted its holdings in CorMedix by 8.2% during the second quarter. HighTower Advisors LLC now owns 32,655 shares of the company’s stock worth $256,000 after acquiring an additional 2,476 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in CorMedix in the second quarter worth $247,000. Headlands Technologies LLC boosted its position in CorMedix by 63.0% in the second quarter. Headlands Technologies LLC now owns 96,773 shares of the company’s stock worth $760,000 after purchasing an additional 37,401 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in CorMedix by 5.6% in the second quarter. Wellington Management Group LLP now owns 215,795 shares of the company’s stock worth $1,694,000 after purchasing an additional 11,530 shares during the last quarter. 34.18% of the stock is currently owned by hedge funds and other 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.