CorMedix (NASDAQ:CRMD) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

CorMedix (NASDAQ:CRMD) had its price target lifted by investment analysts at Needham & Company LLC from $10.00 to $18.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 80.18% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Truist Financial raised their price objective on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada reissued an “outperform” rating and issued a $9.00 price objective on shares of CorMedix in a research note on Thursday, August 15th. Finally, Rodman & Renshaw assumed coverage on CorMedix in a research note on Monday, August 26th. They issued a “buy” rating and a $13.00 price objective for the company. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, CorMedix currently has an average rating of “Buy” and an average price target of $15.20.

CorMedix Stock Performance

Shares of CRMD stock opened at $9.99 on Thursday. The company has a market cap of $577.02 million, a P/E ratio of -12.33 and a beta of 1.61. The stock has a 50 day simple moving average of $8.55 and a two-hundred day simple moving average of $6.14. CorMedix has a fifty-two week low of $2.57 and a fifty-two week high of $13.85.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.05. The business had revenue of $11.46 million during the quarter, compared to the consensus estimate of $11.00 million. During the same quarter in the previous year, the firm posted ($0.17) earnings per share. On average, research analysts predict that CorMedix will post -0.59 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CRMD. Vanguard Group Inc. boosted its position in shares of CorMedix by 3.6% during the first quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock valued at $12,416,000 after buying an additional 102,851 shares during the last quarter. Marshall Wace LLP lifted its holdings in CorMedix by 109.6% during the second quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock worth $659,000 after acquiring an additional 79,619 shares during the period. Commonwealth Equity Services LLC lifted its holdings in CorMedix by 150.7% during the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after acquiring an additional 56,963 shares during the period. Sanctuary Advisors LLC bought a new stake in CorMedix during the second quarter worth $138,000. Finally, Bank of New York Mellon Corp lifted its holdings in CorMedix by 19.3% during the second quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock worth $688,000 after acquiring an additional 25,677 shares during the period. Hedge funds and other institutional investors own 34.18% of the company’s stock.

About CorMedix

CorMedix Inc, a biopharmaceutical company, focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the United States. Its lead product candidate is DefenCath, an antimicrobial catheter lock solution to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure.