CorMedix’s (CRMD) “Buy” Rating Reaffirmed at Needham & Company LLC

CorMedix (NASDAQ:CRMD)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a research report issued on Wednesday,Benzinga reports. They currently have a $12.00 price target on the stock. Needham & Company LLC’s target price points to a potential upside of 76.73% from the company’s previous close.

CRMD has been the topic of several other reports. StockNews.com upgraded shares of CorMedix from a “sell” rating to a “hold” rating in a research note on Tuesday, April 1st. D. Boral Capital reissued a “buy” rating and issued a $15.00 target price on shares of CorMedix in a report on Tuesday. Leerink Partnrs upgraded CorMedix to a “strong-buy” rating in a research note on Friday, March 7th. Royal Bank of Canada reiterated an “outperform” rating and issued a $12.00 price objective on shares of CorMedix in a research note on Wednesday, March 26th. Finally, Leerink Partners began coverage on shares of CorMedix in a research report on Friday, March 7th. They set an “outperform” rating and a $18.00 target price on the stock. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $15.14.

CorMedix Stock Performance

NASDAQ:CRMD opened at $6.79 on Wednesday. CorMedix has a 1 year low of $3.61 and a 1 year high of $13.85. The stock has a market cap of $442.59 million, a P/E ratio of -8.38 and a beta of 1.57. The stock has a 50-day simple moving average of $9.49 and a 200-day simple moving average of $9.87.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings results on Tuesday, March 25th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.05. The business had revenue of $30.00 million during the quarter, compared to analyst estimates of $27.46 million. The firm’s revenue for the quarter was up 29900.0% compared to the same quarter last year. On average, equities research analysts predict that CorMedix will post -0.32 EPS for the current year.

Hedge Funds Weigh In On CorMedix

A number of large investors have recently modified their holdings of the business. FMR LLC grew its holdings in 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. BNP Paribas Financial Markets boosted its position in shares of CorMedix by 130.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock worth $97,000 after purchasing an additional 6,761 shares in the last quarter. State Street Corp grew its stake in shares of CorMedix by 0.8% during the 3rd quarter. State Street Corp now owns 1,225,756 shares of the company’s stock worth $9,904,000 after purchasing an additional 10,204 shares during the period. Wellington Management Group LLP increased its holdings in shares of CorMedix by 130.7% in the 3rd quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock valued at $1,462,000 after purchasing an additional 102,527 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of CorMedix by 1.0% in the third quarter. Geode Capital Management LLC now owns 1,284,464 shares of the company’s stock valued at $10,380,000 after purchasing an additional 13,171 shares during the period. 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.