CorMedix (NASDAQ:CRMD) Stock Rating Reaffirmed as Buy by Needham & Company LLC

by · The Cerbat Gem

CorMedix (NASDAQ:CRMD – Get Free Report)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $15.00 price objective on the stock. Needham & Company LLC’s target price would indicate a potential upside of 104.22% from the company’s previous close.

Several other research firms also recently weighed in on CRMD. Royal Bank Of Canada upped their price objective on shares of CorMedix from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Oppenheimer assumed coverage on shares of CorMedix in a report on Wednesday, September 23rd. They set an “outperform” rating and a $15.00 price objective for the company. Finally, Weiss Ratings raised shares of CorMedix from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $15.00.

Get Our Latest Stock Analysis on CRMD

CorMedix Stock Up 1.2%

Shares of NASDAQ CRMD traded up $0.09 during midday trading on Monday, hitting $7.35. 931,058 shares of the stock traded hands, compared to its average volume of 1,578,451. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.36 and a current ratio of 2.56. CorMedix has a one year low of $6.13 and a one year high of $13.02. The business has a 50 day moving average price of $7.85 and a two-hundred day moving average price of $7.91. The company has a market cap of $572.50 million, a PE ratio of 3.43, a P/E/G ratio of 1.34 and a beta of 1.40.

CorMedix (NASDAQ:CRMD – Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.05. CorMedix had a return on equity of 40.52% and a net margin of 40.49%. The company had revenue of $101.93 million for the quarter, compared to analysts’ expectations of $96.04 million. On average, equities analysts predict that CorMedix will post 0.54 EPS for the current year.

Institutional Investors Weigh In On CorMedix

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in CorMedix during the 2nd quarter worth $49,644,000. Pacer Advisors Inc. raised its holdings in shares of CorMedix by 128.7% in 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 during the last quarter. Hennion & Walsh Asset Management Inc. lifted its position 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. Private Advisor Group LLC lifted its position in shares of CorMedix by 33.3% during the first quarter. Private Advisor Group LLC now owns 504,668 shares of the company’s stock valued at $3,427,000 after purchasing an additional 126,131 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in CorMedix during the second quarter worth about $3,108,000. 34.18% of the stock is owned by hedge funds and other institutional investors.

About CorMedix

(Get Free Report)

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.

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