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

CorMedix (NASDAQ:CRMD) had its price target cut by Needham & Company LLC from $18.00 to $12.00 in a research report released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

CRMD has been the subject of a number of other research reports. Leerink Partnrs raised CorMedix to a “strong-buy” rating in a research note on Friday, March 7th. Royal Bank of Canada upped their price target on CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Leerink Partners started coverage on shares of CorMedix in a research report on Friday, March 7th. They set an “outperform” rating and a $18.00 price objective on the stock. Finally, D. Boral Capital reissued a “buy” rating and issued a $15.00 target price on shares of CorMedix in a report on Tuesday. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $15.14.

CorMedix Trading Up 0.4 %

NASDAQ CRMD opened at $6.74 on Wednesday. CorMedix has a 12 month low of $3.61 and a 12 month high of $13.85. The stock has a market cap of $408.96 million, a price-to-earnings ratio of -8.32 and a beta of 1.53. The company’s 50 day moving average is $10.43 and its two-hundred day moving average is $9.89.

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

Institutional Inflows and Outflows

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

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.