Needham & Company LLC Reiterates Buy Rating for CorMedix (NASDAQ:CRMD)

Needham & Company LLC restated their buy rating on shares of CorMedix (NASDAQ:CRMD) in a report issued on Wednesday morning,Benzinga reports. They currently have a $12.00 price objective on the stock.

Several other research firms have also commented on CRMD. Leerink Partnrs upgraded shares of CorMedix to a “strong-buy” rating in a research report on Friday, March 7th. Royal Bank of Canada reissued an “outperform” rating and set a $12.00 price objective on shares of CorMedix in a research note on Wednesday, March 26th. StockNews.com upgraded CorMedix from a “sell” rating to a “hold” rating in a report on Tuesday, April 1st. Leerink Partners started coverage on CorMedix in a research report on Friday, March 7th. They issued an “outperform” rating and a $18.00 price target for the company. Finally, D. Boral Capital reiterated a “buy” rating and set a $15.00 price objective on shares of CorMedix in a research report on Tuesday. One analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $14.50.

CorMedix Price Performance

Shares of CRMD stock traded down $0.21 during trading hours on Wednesday, hitting $6.79. The stock had a trading volume of 465,503 shares, compared to its average volume of 1,026,165. The stock has a market capitalization of $442.52 million, a price-to-earnings ratio of -8.38 and a beta of 1.57. CorMedix has a one year low of $3.61 and a one year high of $13.85. The stock’s 50-day moving average price is $9.34 and its two-hundred day moving average price is $9.85.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings data on Tuesday, March 25th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.05. The firm had revenue of $30.00 million for the quarter, compared to analysts’ expectations of $27.46 million. The firm’s revenue for the quarter was up 29900.0% on a year-over-year basis. As a group, equities research analysts predict that CorMedix will post -0.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CorMedix

Several large investors have recently added to or reduced their stakes in the stock. FMR LLC increased its position in shares of CorMedix by 54.3% during the third quarter. FMR LLC now owns 4,618 shares of the company’s stock worth $37,000 after acquiring an additional 1,625 shares during the period. Janney Montgomery Scott LLC bought a new stake in CorMedix during the 4th quarter valued at $81,000. Captrust Financial Advisors purchased a new stake in shares of CorMedix in the 4th quarter worth $90,000. Aigen Investment Management LP bought a new position in shares of CorMedix during the 4th quarter worth $94,000. Finally, XTX Topco Ltd purchased a new position in shares of CorMedix during the fourth quarter valued at $95,000. 34.18% of the stock is owned by hedge funds and other institutional investors.

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.