CorMedix (NASDAQ:CRMD) Price Target Raised to $15.00

Key Points

• Needham & Company raised its price target on CorMedix from $14.00 to $15.00 and kept a "buy" rating, implying roughly a 99% upside from the current share price; the MarketBeat average target is about $15.14 and analysts' consensus is a "Moderate Buy" (6 buys, 1 hold, 1 sell).
• CorMedix missed EPS estimates in its latest quarter ($0.16 actual vs. $0.86 expected) but beat revenue forecasts with $128.6M (revenue up 312% YoY) and reported a 52.3% net margin; shares recently traded around $7.52 (12‑month range $6.13–$17.43).
• The board approved a $75.0 million share buyback (up to 12.3% of outstanding shares), and institutional investors like Vanguard and Marshall Wace have materially increased positions, with institutions owning about 34.18% of the stock.

CorMedix (NASDAQ:CRMD - Get Free Report) had its target price increased by investment analysts at Needham & Company LLC from $14.00 to $15.00 in a report released on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's price objective would suggest a potential upside of 99.47% from the stock's current price.

A number of other equities research analysts have also recently issued reports on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of CorMedix in a report on Wednesday, January 21st. Leerink Partners reaffirmed an "outperform" rating and issued a $13.00 target price on shares of CorMedix in a report on Friday, March 6th. Royal Bank Of Canada set a $13.00 target price on shares of CorMedix and gave the company an "outperform" rating in a report on Wednesday, January 21st. Zacks Research cut shares of CorMedix from a "hold" rating to a "strong sell" rating in a report on Tuesday, February 10th. Finally, HC Wainwright decreased their price target on shares of CorMedix from $18.00 to $13.00 and set a "buy" rating on the stock in a research note on Friday, January 23rd. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $15.14.

CorMedix Stock Performance

Shares of CRMD stock traded up $0.10 on Monday, reaching $7.52. The stock had a trading volume of 944,036 shares, compared to its average volume of 2,125,545. The company has a quick ratio of 1.94, a current ratio of 2.11 and a debt-to-equity ratio of 0.36. The firm's 50-day moving average is $6.95 and its two-hundred day moving average is $8.94. The firm has a market capitalization of $594.46 million, a price-to-earnings ratio of 3.77 and a beta of 1.41. CorMedix has a 12 month low of $6.13 and a 12 month high of $17.43.

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

CorMedix declared that its Board of Directors has approved a share buyback plan on Monday, February 2nd that authorizes the company to repurchase $75.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of CorMedix by 13.1% during the 4th quarter. Vanguard Group Inc. now owns 4,499,010 shares of the company's stock worth $52,323,000 after purchasing an additional 521,352 shares in the last quarter. Marshall Wace LLP grew its position in shares of CorMedix by 34.6% during the 3rd quarter. Marshall Wace LLP now owns 3,473,494 shares of the company's stock worth $40,397,000 after purchasing an additional 893,518 shares in the last quarter. Deerfield Management Company L.P. acquired a new position in shares of CorMedix during the 3rd quarter worth approximately $38,656,000. State Street Corp grew its position in shares of CorMedix by 4.6% during the 4th quarter. State Street Corp now owns 1,920,861 shares of the company's stock worth $22,340,000 after purchasing an additional 85,240 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of CorMedix by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 1,912,233 shares of the company's stock worth $22,243,000 after purchasing an additional 102,461 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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