CorMedix (NASDAQ:CRMD) Price Target Raised to $15.00 at Needham & Company LLC

CorMedix (NASDAQ:CRMD - Get Free Report) had its price objective upped by equities researchers at Needham & Company LLC from $12.00 to $15.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's price objective indicates a potential upside of 30.38% from the company's current price.

A number of other research analysts also recently commented on the company. D. Boral Capital restated a "buy" rating and set a $15.00 price objective on shares of CorMedix in a research note on Tuesday, May 6th. Leerink Partnrs upgraded CorMedix to a "strong-buy" rating in a research note on Friday, March 7th. Royal Bank of Canada restated an "outperform" rating and set a $12.00 price objective on shares of CorMedix in a research note on Wednesday, March 26th. Leerink Partners began coverage on CorMedix in a report on Friday, March 7th. They set an "outperform" rating and a $18.00 price target on the stock. Finally, StockNews.com raised CorMedix from a "sell" rating to a "hold" rating in a report on Tuesday, April 1st. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, CorMedix has an average rating of "Buy" and a consensus price target of $15.00.

CorMedix Price Performance

Shares of CRMD stock traded down $0.16 on Wednesday, hitting $11.51. 801,154 shares of the stock traded hands, compared to its average volume of 1,133,708. The company has a market capitalization of $780.33 million, a PE ratio of -14.21 and a beta of 1.54. CorMedix has a 1-year low of $3.61 and a 1-year high of $13.85. The company's fifty day moving average is $8.73 and its 200 day moving average is $9.74.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.05. The firm had revenue of $39.08 million for the quarter, compared to analyst estimates of $38.90 million. During the same period in the prior year, the company posted ($0.25) earnings per share. As a group, equities research analysts expect that CorMedix will post -0.32 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Swiss National Bank bought a new position in CorMedix during the first quarter valued at about $724,000. Charles Schwab Investment Management Inc. boosted its position in shares of CorMedix by 1.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 177,188 shares of the company's stock valued at $1,091,000 after purchasing an additional 2,770 shares during the period. Vanguard Group Inc. boosted its position in shares of CorMedix by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 3,646,551 shares of the company's stock valued at $22,463,000 after purchasing an additional 268,360 shares during the period. XTX Topco Ltd boosted its position in shares of CorMedix by 234.2% in the 1st quarter. XTX Topco Ltd now owns 39,333 shares of the company's stock valued at $242,000 after purchasing an additional 27,562 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of CorMedix in the 1st quarter valued at $93,000. 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.