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

CorMedix (NASDAQ:CRMD) had its price objective upped by equities research analysts at Needham & Company LLC from $10.00 to $18.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 80.18% from the company’s previous close.

Other analysts have also issued reports about the company. Truist Financial boosted their price objective on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Rodman & Renshaw started coverage on CorMedix in a research note on Monday, August 26th. They set a “buy” rating and a $13.00 price objective on the stock. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $9.00 price objective on shares of CorMedix in a research note on Thursday, August 15th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, CorMedix presently has a consensus rating of “Buy” and a consensus price target of $15.20.

CorMedix Price Performance

Shares of CRMD opened at $9.99 on Thursday. The firm has a market cap of $577.02 million, a PE ratio of -12.33 and a beta of 1.61. The stock’s fifty day moving average price is $8.55 and its two-hundred day moving average price is $6.14. CorMedix has a 1 year low of $2.57 and a 1 year high of $13.85.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. The company had revenue of $11.46 million for the quarter, compared to the consensus estimate of $11.00 million. During the same quarter in the previous year, the firm posted ($0.17) earnings per share. Sell-side analysts anticipate that CorMedix will post -0.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CorMedix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Palumbo Wealth Management LLC purchased a new position in CorMedix during the third quarter worth about $100,000. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of CorMedix by 10.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 52,184 shares of the company’s stock worth $422,000 after purchasing an additional 4,935 shares in the last quarter. AlphaMark Advisors LLC purchased a new position in shares of CorMedix in the 3rd quarter worth about $97,000. Creative Planning purchased a new position in shares of CorMedix in the 3rd quarter worth about $129,000. Finally, SG Americas Securities LLC purchased a new position in shares of CorMedix in the 3rd quarter worth about $152,000. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

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.