CorMedix (NASDAQ:CRMD) Price Target Raised to $14.00

Key Points

• Leerink Partners raised its price target on CorMedix (NASDAQ:CRMD) from $13.00 to $14.00 and keeps an "outperform" rating, implying about a 78.23% upside from the stock's current level; the consensus analyst target is $15.29 with six Buy, one Hold and one Sell rating.
• CorMedix reported mixed quarterly results—EPS of $0.16 missed estimates of $0.86, but revenue rose 312.1% year-over-year to $128.62 million with a net margin of 52.31% and analysts expect ~0.67 EPS for the fiscal year.
• The board authorized a $75 million share buyback (up to 12.3% of outstanding shares), while the stock trades near $7.86 with a market cap of about $621 million, signaling management believes the shares may be undervalued.

CorMedix (NASDAQ:CRMD - Get Free Report) had its price target lifted by analysts at Leerink Partners from $13.00 to $14.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Leerink Partners' target price indicates a potential upside of 78.23% from the company's current price.

Several other analysts also recently commented on CRMD. Truist Financial set a $16.00 target price on shares of CorMedix in a report on Thursday, January 8th. Royal Bank Of Canada reiterated an "outperform" rating on shares of CorMedix in a research note on Tuesday. Zacks Research downgraded shares of CorMedix from a "hold" rating to a "strong sell" rating in a research note on Tuesday, February 10th. D. Boral Capital reaffirmed a "buy" rating and issued a $14.00 target price on shares of CorMedix in a research report on Monday. Finally, Needham & Company LLC lifted their price objective on shares of CorMedix from $14.00 to $15.00 and gave the company a "buy" rating in a research report on Monday. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, CorMedix currently has an average rating of "Moderate Buy" and a consensus target price of $15.29.

CorMedix Trading Up 0.4%

CRMD stock opened at $7.86 on Tuesday. The business has a fifty day moving average price of $6.96 and a 200 day moving average price of $8.92. CorMedix has a fifty-two week low of $6.13 and a fifty-two week high of $17.43. The stock has a market capitalization of $620.94 million, a price-to-earnings ratio of 3.95 and a beta of 1.41. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.11 and a quick ratio of 1.94.

CorMedix (NASDAQ:CRMD - Get Free Report) last announced its earnings results on Thursday, March 5th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.86 by ($0.70). The business had revenue of $128.62 million during the quarter, compared to analyst estimates of $127.02 million. CorMedix had a net margin of 52.31% and a return on equity of 52.30%. The business's quarterly revenue was up 312.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.22 earnings per share. Analysts expect that CorMedix will post 0.67 EPS for the current fiscal year.

CorMedix announced that its board has initiated a stock buyback program on Monday, February 2nd that permits the company to buyback $75.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 12.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On CorMedix

Several hedge funds and other institutional investors have recently bought and sold shares of CRMD. Financial Management Professionals Inc. bought a new stake in shares of CorMedix during the 4th quarter valued at about $25,000. Comerica Bank grew its position in CorMedix by 454.6% in the 3rd quarter. Comerica Bank now owns 2,690 shares of the company's stock valued at $31,000 after purchasing an additional 2,205 shares during the period. Canada Pension Plan Investment Board bought a new stake in CorMedix during the 2nd quarter valued at $42,000. Kestra Advisory Services LLC acquired a new position in CorMedix during the 4th quarter valued at about $49,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in CorMedix by 666.6% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company's stock valued at $51,000 after acquiring an additional 3,813 shares in the last quarter. Institutional investors and hedge funds own 34.18% of the company's stock.

About CorMedix

CorMedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to reduce inflammation and prevent infection in critically and chronically ill patient populations. The company's lead product candidate, Neutrolin, is a catheter lock solution that combines taurolidine, heparin and citrate to prevent catheter-related bloodstream infections (CRBSIs) in patients undergoing hemodialysis. Neutrolin has received market authorization in the European Union under the CE Mark and is positioned to address a significant unmet medical need for infection prevention in dialysis centers.

In addition to its lead asset, CorMedix is advancing a biochemical portfolio aimed at mitigating complications associated with peritoneal dialysis and other high-risk procedures.

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