CorMedix (NASDAQ:CRMD) Given New $15.00 Price Target at Needham & Company LLC

CorMedix (NASDAQ:CRMD) had its price objective boosted by Needham & Company LLC from $14.00 to $15.00 in a research note issued to investors on Monday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other research analysts also recently commented on the stock. HC Wainwright cut their target price on shares of CorMedix from $18.00 to $13.00 and set a “buy” rating on the stock in a research report on Friday, January 23rd. Truist Financial set a $16.00 target price on shares of CorMedix in a research report on Thursday, January 8th. D. Boral Capital reaffirmed a “buy” rating and issued a $14.00 price objective on shares of CorMedix in a research report on Monday. Leerink Partners reaffirmed an “outperform” rating and issued a $13.00 price objective on shares of CorMedix in a research report on Friday, March 6th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of CorMedix in a research report on Wednesday, January 21st. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $15.14.

CorMedix Trading Up 5.4%

NASDAQ CRMD opened at $7.82 on Monday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.94 and a current ratio of 2.11. The company has a market capitalization of $618.17 million, a price-to-earnings ratio of 3.91 and a beta of 1.41. The company’s 50-day simple moving average is $6.96 and its two-hundred day simple moving average is $8.92. CorMedix has a one year low of $6.13 and a one year high of $17.43.

CorMedix (NASDAQ:CRMD) last posted its earnings results on Thursday, March 5th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.70). The business had revenue of $128.62 million for the quarter, compared to analysts’ expectations of $127.02 million. CorMedix had a net margin of 52.31% and a return on equity of 52.30%. The company’s revenue for the quarter was up 312.1% on a year-over-year basis. During the same period last year, the business posted $0.22 EPS. Equities analysts forecast that CorMedix will post 0.67 EPS for the current fiscal year.

CorMedix declared that its Board of Directors has initiated a share repurchase program on Monday, February 2nd that permits the company to repurchase $75.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CRMD. Divisadero Street Capital Management LP grew its position in CorMedix by 305.7% during the 3rd quarter. Divisadero Street Capital Management LP now owns 288,050 shares of the company’s stock worth $3,350,000 after purchasing an additional 217,050 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in CorMedix during the 3rd quarter worth approximately $1,515,000. Hussman Strategic Advisors Inc. grew its position in CorMedix by 400.0% during the 3rd quarter. Hussman Strategic Advisors Inc. now owns 315,000 shares of the company’s stock worth $3,663,000 after purchasing an additional 252,000 shares during the last quarter. Royce & Associates LP purchased a new stake in CorMedix during the 3rd quarter worth approximately $5,132,000. Finally, Phocas Financial Corp. purchased a new stake in CorMedix during the 4th quarter worth approximately $1,990,000. Hedge funds and other institutional investors own 34.18% of the company’s stock.

CorMedix Company Profile

CorMedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to reduce inflammation and prevent infection in critically and chronically ill patient populations. The company’s lead product candidate, Neutrolin, is a catheter lock solution that combines taurolidine, heparin and citrate to prevent catheter-related bloodstream infections (CRBSIs) in patients undergoing hemodialysis. Neutrolin has received market authorization in the European Union under the CE Mark and is positioned to address a significant unmet medical need for infection prevention in dialysis centers.

In addition to its lead asset, CorMedix is advancing a biochemical portfolio aimed at mitigating complications associated with peritoneal dialysis and other high-risk procedures.