CorMedix (NASDAQ:CRMD) Price Target Cut to $12.00 by Analysts at Needham & Company LLC

CorMedix (NASDAQ:CRMD) had its price target reduced by Needham & Company LLC from $18.00 to $12.00 in a research report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

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

CorMedix Stock Performance

Shares of NASDAQ:CRMD opened at $7.16 on Wednesday. CorMedix has a twelve month low of $3.61 and a twelve month high of $13.85. The firm has a market cap of $434.45 million, a PE ratio of -8.84 and a beta of 1.53. The business has a fifty day moving average of $10.66 and a 200-day moving average of $9.90.

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

Hedge Funds Weigh In On CorMedix

Large investors have recently made changes to their positions in the stock. FMR LLC boosted its holdings in shares of CorMedix by 54.3% in the 3rd quarter. FMR LLC now owns 4,618 shares of the company’s stock worth $37,000 after purchasing an additional 1,625 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of CorMedix during the 4th quarter worth approximately $81,000. Captrust Financial Advisors bought a new stake in shares of CorMedix during the 4th quarter valued at $90,000. Aigen Investment Management LP purchased a new stake in CorMedix in the fourth quarter worth about $94,000. Finally, XTX Topco Ltd purchased a new stake in shares of CorMedix in the 4th quarter worth approximately $95,000. 34.18% of the stock is owned by 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.