CorMedix (NASDAQ:CRMD) Earns Buy Rating from Needham & Company LLC

Key Points

• Needham & Company reaffirmed its Buy rating on CorMedix and maintained a $15 price target, implying approximately 103% upside from the stock’s $7.39 price. The analyst consensus is “Moderate Buy,” with seven Buy ratings and two Holds.
• CorMedix exceeded quarterly expectations, reporting $0.29 in EPS versus a $0.24 estimate and revenue of $101.93 million versus $96.04 million expected. Analysts forecast full-year EPS of $0.54.
• Institutional investors increased their positions, while institutions and hedge funds collectively own 34.18% of the company. CorMedix’s lead product, FDA-approved DefenCath, is designed to reduce catheter-related bloodstream infections in chronic hemodialysis patients.

CorMedix (NASDAQ:CRMD - Get Free Report)'s stock had its "buy" rating restated by stock analysts at Needham & Company LLC in a note issued to investors on Monday, Benzinga reports. They currently have a $15.00 price target on the stock. Needham & Company LLC's price target points to a potential upside of 103.11% from the stock's current price.

Several other analysts have also issued reports on the stock. Oppenheimer started coverage on shares of CorMedix in a research report on Wednesday, September 23rd. They issued an "outperform" rating and a $15.00 price target on the stock. Royal Bank Of Canada raised their price target on shares of CorMedix from $13.00 to $14.00 and gave the stock an "outperform" rating in a research report on Friday, August 14th. Finally, Weiss Ratings upgraded shares of CorMedix from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, October 8th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, CorMedix has a consensus rating of "Moderate Buy" and a consensus price target of $15.00.

CorMedix Stock Performance

NASDAQ CRMD traded up $0.13 during midday trading on Monday, hitting $7.39. The company had a trading volume of 967,991 shares, compared to its average volume of 1,578,630. The company has a quick ratio of 2.36, a current ratio of 2.56 and a debt-to-equity ratio of 0.31. The stock has a market cap of $575.62 million, a price-to-earnings ratio of 3.45, a P/E/G ratio of 1.34 and a beta of 1.40. The firm has a fifty day simple moving average of $7.85 and a two-hundred day simple moving average of $7.91. CorMedix has a fifty-two week low of $6.13 and a fifty-two week high of $13.02.

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

Institutional Trading of CorMedix

Institutional investors have recently made changes to their positions in the business. WINTON GROUP Ltd boosted its position in CorMedix by 69.7% in the second quarter. WINTON GROUP Ltd now owns 65,061 shares of the company's stock valued at $511,000 after buying an additional 26,723 shares in the last quarter. HighTower Advisors LLC boosted its position in CorMedix by 8.2% in the second quarter. HighTower Advisors LLC now owns 32,655 shares of the company's stock valued at $256,000 after buying an additional 2,476 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in CorMedix in the second quarter valued at about $247,000. Headlands Technologies LLC boosted its position in CorMedix by 63.0% in the second quarter. Headlands Technologies LLC now owns 96,773 shares of the company's stock valued at $760,000 after buying an additional 37,401 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in CorMedix by 5.6% in the second quarter. Wellington Management Group LLP now owns 215,795 shares of the company's stock valued at $1,694,000 after buying an additional 11,530 shares in the last quarter. 34.18% of the stock is currently owned by institutional investors and hedge funds.

About CorMedix

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.