CorMedix (NASDAQ:CRMD) Given New $18.00 Price Target at Needham & Company LLC

CorMedix (NASDAQ:CRMD) had its price objective increased by Needham & Company LLC from $10.00 to $18.00 in a research report report published on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages have also recently weighed in 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 for the company. Truist Financial increased their price objective on CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $9.00 price objective on shares of CorMedix in a report on Thursday, August 15th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, CorMedix has a consensus rating of “Buy” and an average price target of $15.20.

CorMedix Price Performance

NASDAQ CRMD traded up $0.22 during trading 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. The firm has a fifty day moving average of $8.46 and a 200 day moving average of $6.11. CorMedix has a one year low of $2.57 and a one year high of $13.85.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.05. The firm had revenue of $11.46 million during the quarter, compared to analysts’ expectations of $11.00 million. During the same quarter in the previous year, the company posted ($0.17) earnings per share. As a group, equities analysts anticipate that CorMedix will post -0.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in CorMedix by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock valued at $63,000 after buying an additional 2,562 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in CorMedix by 13.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock valued at $100,000 after buying an additional 2,700 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in CorMedix by 10.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 52,184 shares of the company’s stock valued at $422,000 after buying an additional 4,935 shares in the last quarter. Principal Financial Group Inc. bought a new position in CorMedix during the 2nd quarter valued at approximately $44,000. Finally, Rhumbline Advisers boosted its stake in CorMedix by 18.0% during the 2nd quarter. Rhumbline Advisers now owns 74,239 shares of the company’s stock valued at $321,000 after purchasing an additional 11,339 shares during the last quarter. 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.