Needham & Company LLC Has Lowered Expectations for CorMedix (NASDAQ:CRMD) Stock Price

CorMedix (NASDAQ:CRMD) had its target price decreased by equities research analysts at Needham & Company LLC from $18.00 to $12.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 63.49% from the stock’s current price.

CRMD has been the subject of several other reports. Royal Bank of Canada raised their target price on CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Leerink Partners assumed coverage on shares of CorMedix in a research report on Friday, March 7th. They set an “outperform” rating and a $18.00 target price on the stock. D. Boral Capital reissued a “buy” rating and issued a $15.00 price target on shares of CorMedix in a research report on Tuesday. Finally, Leerink Partnrs upgraded shares of CorMedix to a “strong-buy” rating in a research note on Friday, March 7th. One investment 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 MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $15.14.

CorMedix Stock Performance

Shares of NASDAQ:CRMD opened at $7.34 on Wednesday. The stock’s 50-day moving average is $10.76 and its 200-day moving average is $9.92. The company has a market cap of $445.37 million, a P/E ratio of -9.06 and a beta of 1.53. CorMedix has a 52-week low of $3.61 and a 52-week high of $13.85.

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

Institutional Investors Weigh In On CorMedix

Hedge funds and other institutional investors have recently bought and sold shares of the business. Intech Investment Management LLC acquired a new position in CorMedix in the third quarter worth $119,000. FMR LLC lifted its position in CorMedix by 54.3% during the 3rd quarter. FMR LLC now owns 4,618 shares of the company’s stock worth $37,000 after buying an additional 1,625 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in CorMedix by 130.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,950 shares of the company’s stock worth $97,000 after acquiring an additional 6,761 shares during the last quarter. Parallax Volatility Advisers L.P. acquired a new stake in CorMedix in the 3rd quarter valued at about $648,000. Finally, State Street Corp increased its position in 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 in the last quarter. 34.18% of the stock is owned by institutional investors and hedge funds.

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.