Needham & Company LLC Issues Positive Forecast for CorMedix (NASDAQ:CRMD) Stock Price

CorMedix (NASDAQ:CRMD - Get Free Report) had its price objective raised by stock analysts at Needham & Company LLC from $12.00 to $15.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's price target would indicate a potential upside of 34.41% from the company's current price.

CRMD has been the topic of a number of other research reports. Leerink Partners assumed coverage on shares of CorMedix in a report on Friday, March 7th. They set an "outperform" rating and a $18.00 price target on the stock. Leerink Partnrs raised CorMedix to a "strong-buy" rating in a report on Friday, March 7th. Royal Bank of Canada reissued an "outperform" rating and issued a $12.00 price target on shares of CorMedix in a research note on Wednesday, March 26th. D. Boral Capital reaffirmed a "buy" rating and issued a $15.00 price objective on shares of CorMedix in a research note on Tuesday. Finally, StockNews.com raised shares of CorMedix from a "sell" rating to a "hold" rating in a research report on Tuesday, April 1st. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $15.00.

CorMedix Trading Up 23.6 %

Shares of CRMD stock opened at $11.16 on Wednesday. The firm has a market capitalization of $756.76 million, a price-to-earnings ratio of -13.78 and a beta of 1.54. The business's 50-day moving average price is $8.62 and its 200-day moving average price is $9.76. CorMedix has a 12 month low of $3.61 and a 12 month high of $13.85.

CorMedix (NASDAQ:CRMD - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.25 by $0.05. The business had revenue of $39.08 million during the quarter, compared to the consensus estimate of $38.90 million. During the same quarter last year, the business earned ($0.25) EPS. On average, sell-side analysts predict that CorMedix will post -0.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CorMedix

Several large investors have recently added to or reduced their stakes in CRMD. SBI Securities Co. Ltd. boosted its holdings in shares of CorMedix by 699.7% during the 1st quarter. SBI Securities Co. Ltd. now owns 8,685 shares of the company's stock worth $54,000 after buying an additional 7,599 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of CorMedix during the 4th quarter valued at $81,000. Essex Financial Services Inc. bought a new position in CorMedix during the first quarter worth $63,000. Captrust Financial Advisors acquired a new stake in CorMedix in the fourth quarter worth $90,000. Finally, Aigen Investment Management LP bought a new stake in CorMedix in the fourth quarter valued at $94,000. Institutional investors and hedge funds own 34.18% of the company's stock.

About CorMedix

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.

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