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

CorMedix (NASDAQ:CRMD) had its price target hoisted by Needham & Company LLC from $10.00 to $18.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also issued reports on CRMD. Rodman & Renshaw assumed coverage on CorMedix in a report on Monday, August 26th. They set a “buy” rating and a $13.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $9.00 price target on shares of CorMedix in a research note on Thursday, August 15th. Finally, Truist Financial raised their price objective on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, CorMedix currently has a consensus rating of “Buy” and a consensus target price of $15.20.

CorMedix Stock Up 2.2 %

CRMD traded up $0.22 during trading hours on Thursday, reaching $10.28. The company’s stock had a trading volume of 286,113 shares, compared to its average volume of 699,152. CorMedix has a 52 week low of $2.57 and a 52 week high of $13.85. The company’s 50-day moving average is $8.46 and its 200-day moving average is $6.11.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.05. The firm 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 business earned ($0.17) EPS. As a group, research analysts expect that CorMedix will post -0.59 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of CorMedix by 3.6% during the first quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock valued at $12,416,000 after buying an additional 102,851 shares during the last quarter. Bank of New York Mellon Corp boosted its position in CorMedix by 19.3% in the second quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock worth $688,000 after purchasing an additional 25,677 shares during the last quarter. Marshall Wace LLP boosted its position in CorMedix by 109.6% in the second quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock worth $659,000 after purchasing an additional 79,619 shares during the last quarter. Commonwealth Equity Services LLC boosted its position in CorMedix by 150.7% in the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after purchasing an additional 56,963 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in CorMedix by 18.0% in the second quarter. Rhumbline Advisers now owns 74,239 shares of the company’s stock worth $321,000 after purchasing an additional 11,339 shares during the last quarter. Hedge funds and other 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.