Needham & Company LLC Issues Pessimistic Forecast for CorMedix (NASDAQ:CRMD) Stock Price

Key Points

• Needham & Company lowered CorMedix’s price target from $15 to $12 while maintaining a “buy” rating, implying roughly 120% upside from the stock’s $5.45 price.
• Analyst sentiment remains broadly positive: seven analysts rate CorMedix a Buy and two rate it a Hold, producing a “Moderate Buy” consensus rating and an average target price of $14.62.
• CorMedix shares fell 4.5% to $5.45, near their one-year low, despite the company recently exceeding quarterly EPS and revenue expectations. Institutional investors own 34.18% of the stock.

CorMedix (NASDAQ:CRMD - Get Free Report) had its price target lowered by equities researchers at Needham & Company LLC from $15.00 to $12.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's price objective points to a potential upside of 120.39% from the stock's current price.

Other equities analysts also recently issued research reports about the company. Royal Bank Of Canada boosted their target price on CorMedix from $13.00 to $14.00 and gave the stock an "outperform" rating in a research note on Friday, August 14th. Oppenheimer assumed coverage on shares of CorMedix in a research report on Wednesday, September 23rd. They set an "outperform" rating and a $15.00 target price for the company. Finally, Weiss Ratings upgraded shares of CorMedix from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, October 8th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $14.62.

CorMedix Stock Down 4.5%

Shares of CorMedix stock traded down $0.26 during trading on Monday, reaching $5.45. 1,768,948 shares of the company traded hands, compared to its average volume of 1,591,344. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.56 and a quick ratio of 2.36. The firm has a market capitalization of $424.38 million, a PE ratio of 2.55, a P/E/G ratio of 1.06 and a beta of 1.48. The company has a 50 day moving average price of $7.80 and a 200-day moving average price of $7.66. CorMedix has a 1-year low of $5.34 and a 1-year high of $13.02.

CorMedix (NASDAQ:CRMD - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $101.93 million for the quarter, compared to analysts' expectations of $96.04 million. CorMedix had a net margin of 40.49% and a return on equity of 40.52%. As a group, equities research analysts expect that CorMedix will post 0.54 earnings per share for the current fiscal year.

Institutional Trading of CorMedix

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new position in CorMedix in the 2nd quarter valued at $49,644,000. Pacer Advisors Inc. boosted its position in shares of CorMedix by 128.7% during the 1st quarter. Pacer Advisors Inc. now owns 580,620 shares of the company's stock valued at $3,942,000 after acquiring an additional 326,724 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its holdings 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 worth $3,443,000 after purchasing an additional 263,618 shares in the last quarter. Private Advisor Group LLC grew its holdings 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 worth $3,427,000 after purchasing an additional 126,131 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in CorMedix in the second quarter valued at approximately $3,108,000. Institutional investors own 34.18% of the company's stock.

CorMedix Company Profile

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.

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