CorMedix (NASDAQ:CRMD) Given New $12.00 Price Target at Needham & Company LLC

CorMedix (NASDAQ:CRMD) had its price objective lowered by stock analysts at Needham & Company LLC from $18.00 to $12.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 63.49% from the company’s current price.

A number of other research firms also recently weighed in on CRMD. D. Boral Capital restated a “buy” rating and issued a $15.00 target price on shares of CorMedix in a research report on Tuesday. Leerink Partnrs upgraded shares of CorMedix to a “strong-buy” rating in a report on Friday, March 7th. Leerink Partners began coverage on shares of CorMedix in a research report on Friday, March 7th. They issued an “outperform” rating and a $18.00 price target on the stock. Finally, Royal Bank of Canada lifted their price target on CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, CorMedix presently has an average rating of “Moderate Buy” and a consensus target price of $15.14.

CorMedix Price Performance

Shares of CorMedix stock opened at $7.34 on Wednesday. CorMedix has a 1-year low of $3.61 and a 1-year high of $13.85. The company has a market capitalization of $445.37 million, a P/E ratio of -9.06 and a beta of 1.53. The business’s fifty day moving average price is $10.76 and its two-hundred day moving average price is $9.92.

CorMedix (NASDAQ:CRMD) last announced its earnings results on Tuesday, March 25th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.05. The company had revenue of $30.00 million during the quarter, compared to the consensus estimate of $27.46 million. The company’s revenue was up 29900.0% on a year-over-year basis. On average, research analysts expect that CorMedix will post -0.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CorMedix

A number of hedge funds have recently added to or reduced their stakes in the company. Palisades Investment Partners LLC acquired a new stake in CorMedix in the fourth quarter valued at approximately $2,949,000. Two Sigma Investments LP raised its holdings in CorMedix by 19.7% during the fourth quarter. Two Sigma Investments LP now owns 31,489 shares of the company’s stock valued at $255,000 after buying an additional 5,189 shares in the last quarter. Rafferty Asset Management LLC bought a new position in CorMedix during the fourth quarter valued at about $120,000. ProShare Advisors LLC lifted its position in shares of CorMedix by 92.2% in the fourth quarter. ProShare Advisors LLC now owns 19,947 shares of the company’s stock worth $162,000 after buying an additional 9,568 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its stake in shares of CorMedix by 1.0% during the 4th quarter. Nuveen Asset Management LLC now owns 171,978 shares of the company’s stock worth $1,393,000 after acquiring an additional 1,679 shares in the last quarter. 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.