Needham & Company LLC Forecasts Strong Price Appreciation for CorMedix (NASDAQ:CRMD) Stock

Key Points

• Needham raised CorMedix’s price target from $12 to $14 and maintained a Buy rating, implying 155.94% potential upside from the prior close.
• Analyst sentiment is broadly positive: eight analysts rate the stock Buy and two Hold, giving it a consensus “Moderate Buy” rating and an average target of $15.33.
• CorMedix reported quarterly earnings of $0.29 per share, beating the $0.24 estimate, while revenue of $101.93 million also exceeded forecasts.

CorMedix (NASDAQ:CRMD - Get Free Report) had its target price lifted by analysts at Needham & Company LLC from $12.00 to $14.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's target price would suggest a potential upside of 155.94% from the company's previous close.

CRMD has been the topic of several other research reports. Oppenheimer began coverage on shares of CorMedix in a research report on Wednesday, September 23rd. They set an "outperform" rating and a $15.00 price objective on the stock. Citigroup reiterated a "market outperform" rating on shares of CorMedix in a research report on Tuesday. UBS Group set a $19.00 price objective on CorMedix in a report on Tuesday. 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, Royal Bank Of Canada increased their price target on shares of CorMedix from $13.00 to $14.00 and gave the company an "outperform" rating in a research report on Friday, August 14th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $15.33.

CorMedix Trading Up 2.8%

CorMedix stock opened at $5.47 on Tuesday. 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 fifty-two week low of $5.10 and a fifty-two week high of $13.02. The stock has a market cap of $426.33 million, a P/E ratio of 2.56, a PEG ratio of 1.06 and a beta of 1.48. The firm's fifty day moving average price is $7.45 and its 200-day moving average price is $7.62.

CorMedix (NASDAQ:CRMD - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.05. The business had revenue of $101.93 million for the quarter, compared to analyst estimates of $96.04 million. CorMedix had a return on equity of 40.52% and a net margin of 40.49%. Equities research analysts forecast that CorMedix will post 0.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CorMedix

A number of institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. purchased a new stake in CorMedix during the 3rd quarter valued at about $31,000. Kestra Advisory Services LLC increased its holdings 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 purchasing an additional 6,000 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of CorMedix during the second quarter valued at $85,000. Allworth Financial LP bought a new position in shares of CorMedix during the second quarter valued at $88,000. Finally, Stoneridge Investment Partners LLC purchased a new stake in shares of CorMedix during the second quarter valued at $99,000. 34.18% of the stock is owned by hedge funds and other institutional investors.

About CorMedix

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.