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

CorMedix (NASDAQ:CRMD - Free Report) had its target price lifted by Needham & Company LLC from $15.00 to $20.00 in a report released on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other equities analysts have also commented on CRMD. Leerink Partners initiated coverage on CorMedix in a research report on Friday, March 7th. They set an "outperform" rating and a $18.00 price objective for the company. D. Boral Capital reaffirmed a "buy" rating and set a $15.00 target price on shares of CorMedix in a research note on Monday. Royal Bank Of Canada raised CorMedix from an "outperform" rating to a "moderate buy" rating and boosted their price target for the stock from $13.00 to $17.00 in a research report on Friday. Wall Street Zen upgraded CorMedix from a "sell" rating to a "hold" rating in a research note on Tuesday, April 1st. Finally, Leerink Partnrs upgraded CorMedix to a "strong-buy" rating in a research note on Friday, March 7th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $16.67.

CorMedix Stock Performance

CRMD stock traded down $0.84 on Tuesday, reaching $15.72. The company's stock had a trading volume of 2,524,317 shares, compared to its average volume of 1,265,007. The firm has a market cap of $1.07 billion, a PE ratio of 71.46 and a beta of 1.62. The business has a fifty day simple moving average of $11.65 and a two-hundred day simple moving average of $10.28. CorMedix has a 12-month low of $3.61 and a 12-month high of $17.43.

CorMedix (NASDAQ:CRMD - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.25 by $0.05. CorMedix had a net margin of 20.81% and a return on equity of 22.57%. The company had revenue of $39.08 million during the quarter, compared to the consensus estimate of $38.90 million. During the same period in the prior year, the firm earned ($0.25) earnings per share. As a group, research analysts anticipate that CorMedix will post -0.32 earnings per share for the current fiscal year.

Institutional Trading of CorMedix

Institutional investors and hedge funds have recently modified their holdings of the business. Swedbank AB purchased a new position in shares of CorMedix during the first quarter valued at approximately $1,540,000. Rhumbline Advisers grew its position in CorMedix by 7.7% in the 1st quarter. Rhumbline Advisers now owns 81,565 shares of the company's stock worth $502,000 after purchasing an additional 5,818 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in CorMedix by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company's stock worth $222,000 after purchasing an additional 1,631 shares during the period. Graham Capital Management L.P. purchased a new stake in CorMedix during the 1st quarter valued at $648,000. Finally, Caption Management LLC bought a new position in shares of CorMedix during the 1st quarter valued at $113,000. Institutional investors own 34.18% of the company's stock.

CorMedix Company Profile

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.