Needham & Company LLC Lowers CorMedix (NASDAQ:CRMD) Price Target to $12.00

CorMedix (NASDAQ:CRMD) had its price target dropped by equities researchers at Needham & Company LLC from $18.00 to $12.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective points to a potential upside of 78.84% from the company’s current price.

Other research analysts also recently issued reports about the stock. Leerink Partners began coverage on shares of CorMedix in a research note on Friday, March 7th. They issued an “outperform” rating and a $18.00 target price for the company. Royal Bank of Canada upped their price objective on shares of CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. D. Boral Capital reaffirmed a “buy” rating and set a $15.00 target price on shares of CorMedix in a research report on Tuesday. Finally, Leerink Partnrs upgraded 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 assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.14.

CorMedix Price Performance

Shares of CRMD opened at $6.71 on Wednesday. CorMedix has a 12 month low of $3.61 and a 12 month high of $13.85. The stock’s 50-day moving average is $10.54 and its two-hundred day moving average is $9.88. The stock has a market cap of $407.14 million, a PE ratio of -8.28 and a beta of 1.53.

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

Institutional Investors Weigh In On CorMedix

Several hedge funds and other institutional investors have recently modified their holdings of CRMD. Vanguard Group Inc. grew its stake in CorMedix by 10.1% in the fourth quarter. Vanguard Group Inc. now owns 3,378,191 shares of the company’s stock worth $27,363,000 after purchasing an additional 309,514 shares in the last quarter. Elliott Investment Management L.P. lifted its holdings in CorMedix by 85.1% during the 4th quarter. Elliott Investment Management L.P. now owns 2,870,632 shares of the company’s stock worth $23,252,000 after buying an additional 1,320,109 shares during the last quarter. Geode Capital Management LLC grew its position in shares of CorMedix by 8.4% in the 4th quarter. Geode Capital Management LLC now owns 1,392,820 shares of the company’s stock worth $11,284,000 after acquiring an additional 108,356 shares in the last quarter. State Street Corp increased its holdings in shares of CorMedix by 0.8% in the 3rd quarter. State Street Corp now owns 1,225,756 shares of the company’s stock valued at $9,904,000 after acquiring an additional 10,204 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of CorMedix by 14.4% during the 4th quarter. Northern Trust Corp now owns 511,565 shares of the company’s stock valued at $4,144,000 after acquiring an additional 64,243 shares in the last quarter. Institutional investors own 34.18% of the company’s stock.

CorMedix Company Profile

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.