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

CorMedix (NASDAQ:CRMD - Free Report) had its target price trimmed by Needham & Company LLC from $18.00 to $12.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts have also recently weighed in on CRMD. Leerink Partnrs upgraded shares of CorMedix to a "strong-buy" rating in a report 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. D. Boral Capital reiterated a "buy" rating and set a $15.00 price objective on shares of CorMedix in a research note on Tuesday, March 25th. Finally, Leerink Partners assumed coverage on CorMedix in a report on Friday, March 7th. They issued an "outperform" rating and a $18.00 target price on the stock. One research 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 stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $15.14.

CorMedix Stock Performance

Shares of NASDAQ CRMD traded up $0.03 during mid-day trading on Wednesday, hitting $6.74. 2,200,677 shares of the stock traded hands, compared to its average volume of 986,539. The company has a market cap of $408.96 million, a price-to-earnings ratio of -8.32 and a beta of 1.53. The stock has a fifty day moving average price of $10.43 and a 200-day moving average price of $9.91. CorMedix has a 52 week low of $3.61 and a 52 week high of $13.85.

Remove Ads

CorMedix (NASDAQ:CRMD - Get Free Report) 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 analysts' expectations of $27.46 million. CorMedix's quarterly revenue was up 29900.0% compared to the same quarter last year. As a group, sell-side analysts predict that CorMedix will post -0.32 EPS for the current fiscal year.

Institutional Investors Weigh In On CorMedix

Several institutional investors have recently modified their holdings of CRMD. JPMorgan Chase & Co. raised its position in CorMedix by 685.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company's stock worth $1,568,000 after buying an additional 169,397 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of CorMedix by 8.2% during the fourth quarter. Bank of New York Mellon Corp now owns 129,695 shares of the company's stock valued at $1,051,000 after purchasing an additional 9,782 shares during the last quarter. New York State Common Retirement Fund raised its holdings in shares of CorMedix by 1,398.2% during the fourth quarter. New York State Common Retirement Fund now owns 167,249 shares of the company's stock valued at $1,355,000 after purchasing an additional 156,086 shares during the last quarter. State Street Corp lifted its position in CorMedix by 0.8% during the third quarter. State Street Corp now owns 1,225,756 shares of the company's stock valued at $9,904,000 after purchasing an additional 10,204 shares during the period. Finally, AlphaQuest LLC purchased a new stake in CorMedix in the fourth quarter worth approximately $115,000. 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.