CorMedix (NASDAQ:CRMD) Stock Gets Price Target Trim from Needham & Company LLC

CorMedix (NASDAQ:CRMD) had its target price lowered by Needham & Company LLC from $15.00 to $12.00 in a research note issued to investors on Monday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other brokerages have also weighed in on CRMD. Royal Bank Of Canada upped their target price on shares of CorMedix from $13.00 to $14.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. 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, Oppenheimer assumed coverage on shares of CorMedix in a report on Wednesday, September 23rd. They issued an “outperform” rating and a $15.00 price target on the stock. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $14.62.

CorMedix Stock Up 1.8%

NASDAQ CRMD opened at $5.66 on Monday. The stock’s 50 day moving average is $7.63 and its 200 day moving average is $7.64. The company has a current ratio of 2.56, a quick ratio of 2.36 and a debt-to-equity ratio of 0.31. CorMedix has a 12 month low of $5.30 and a 12 month high of $13.02. The stock has a market cap of $441.14 million, a PE ratio of 2.93, a P/E/G ratio of 1.04 and a beta of 1.48.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.29 earnings per share 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 the consensus estimate of $96.04 million. Research analysts predict that CorMedix will post 0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On CorMedix

Institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. bought a new position in CorMedix during the third quarter valued at $31,000. Kestra Advisory Services LLC grew 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 worth $69,000 after buying an additional 6,000 shares in the last quarter. Summit Securities Group LLC bought a new stake in shares of CorMedix in the 1st quarter worth about $70,000. Quantbot Technologies LP bought a new stake in shares of CorMedix in the 2nd quarter worth about $85,000. Finally, Allworth Financial LP bought a new stake in shares of CorMedix in the 2nd quarter worth about $88,000. 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.