CorMedix (NASDAQ:CRMD) Price Target Raised to $18.00

CorMedix (NASDAQ:CRMD) had its price objective hoisted by research analysts at Needham & Company LLC from $10.00 to $18.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target indicates a potential upside of 79.10% from the stock’s current price.

A number of other research analysts have also recently weighed in on the stock. Rodman & Renshaw initiated coverage on shares of CorMedix in a research report on Monday, August 26th. They set a “buy” rating and a $13.00 price target on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $9.00 price target on shares of CorMedix in a research note on Thursday, August 15th. Finally, Truist Financial upped their target price on CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, CorMedix currently has a consensus rating of “Buy” and a consensus price target of $15.20.

CorMedix Trading Down 22.5 %

NASDAQ CRMD opened at $10.05 on Thursday. The business’s 50-day moving average price is $8.36 and its 200 day moving average price is $6.08. CorMedix has a twelve month low of $2.57 and a twelve month high of $13.85. The company has a market capitalization of $580.50 million, a PE ratio of -10.81 and a beta of 1.61.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.05. During the same quarter in the previous year, the business earned ($0.17) EPS. Equities analysts predict that CorMedix will post -0.58 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CRMD. Palumbo Wealth Management LLC bought a new stake in CorMedix in the third quarter valued at $100,000. Wealth Enhancement Advisory Services LLC lifted its holdings in CorMedix by 10.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 52,184 shares of the company’s stock valued at $422,000 after acquiring an additional 4,935 shares during the last quarter. AlphaMark Advisors LLC bought a new stake in CorMedix during the third quarter worth approximately $97,000. Creative Planning acquired a new position in CorMedix in the third quarter worth approximately $129,000. Finally, SG Americas Securities LLC bought a new position in shares of CorMedix in the third quarter valued at $152,000. 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.