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

CorMedix (NASDAQ:CRMD) had its price objective lowered by Needham & Company LLC from $18.00 to $12.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

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

CorMedix Trading Up 0.4 %

CRMD stock opened at $6.74 on Wednesday. The stock has a market cap of $408.96 million, a PE ratio of -8.32 and a beta of 1.53. CorMedix has a 12 month low of $3.61 and a 12 month high of $13.85. The company has a 50-day moving average price of $10.43 and a 200 day moving average price of $9.89.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings data on Tuesday, March 25th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.05. The firm had revenue of $30.00 million during the quarter, compared to the consensus estimate of $27.46 million. CorMedix’s quarterly revenue was up 29900.0% compared to the same quarter last year. Sell-side analysts forecast that CorMedix will post -0.32 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CRMD. FMR LLC lifted its position 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 during the period. Janney Montgomery Scott LLC purchased a new stake in CorMedix during the fourth quarter worth $81,000. Captrust Financial Advisors bought a new stake in CorMedix during the 4th quarter valued at $90,000. Aigen Investment Management LP purchased a new position in shares of CorMedix in the 4th quarter valued at $94,000. Finally, XTX Topco Ltd bought a new position in shares of CorMedix in the 4th quarter worth $95,000. Hedge funds and other institutional investors 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.