Needham & Company LLC Reiterates “Buy” Rating for CorMedix (NASDAQ:CRMD)

Needham & Company LLC restated their buy rating on shares of CorMedix (NASDAQ:CRMD) in a report released on Tuesday, Benzinga reports. They currently have a $10.00 price target on the stock.

Several other brokerages have also commented on CRMD. Truist Financial cut their price objective on CorMedix from $18.00 to $14.00 and set a buy rating for the company in a report on Wednesday, January 31st. Royal Bank of Canada cut their price target on CorMedix from $10.00 to $9.00 and set an outperform rating for the company in a report on Wednesday, March 13th.

CorMedix Price Performance

Shares of CRMD opened at $5.84 on Tuesday. CorMedix has a one year low of $2.57 and a one year high of $7.00. The firm has a market capitalization of $320.09 million, a P/E ratio of -6.35 and a beta of 1.86. The business has a fifty day moving average of $3.76 and a 200 day moving average of $3.55.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings data on Tuesday, March 12th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.05). Analysts expect that CorMedix will post -0.83 EPS for the current fiscal year.

Insider Buying and Selling at CorMedix

In related news, CEO Joseph Todisco purchased 13,561 shares of the business’s stock in a transaction on Wednesday, March 13th. The stock was acquired at an average price of $3.74 per share, with a total value of $50,718.14. Following the completion of the acquisition, the chief executive officer now owns 352,839 shares of the company’s stock, valued at approximately $1,319,617.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CorMedix

A number of hedge funds have recently made changes to their positions in CRMD. BlackRock Inc. boosted its stake in shares of CorMedix by 323.6% in the second quarter. BlackRock Inc. now owns 2,724,697 shares of the company’s stock worth $10,803,000 after acquiring an additional 2,081,542 shares during the period. Marshall Wace LLP boosted its stake in shares of CorMedix by 614.4% in the second quarter. Marshall Wace LLP now owns 1,438,878 shares of the company’s stock worth $5,698,000 after acquiring an additional 1,237,479 shares during the period. State Street Corp boosted its stake in shares of CorMedix by 467.4% in the second quarter. State Street Corp now owns 813,320 shares of the company’s stock worth $3,225,000 after acquiring an additional 669,991 shares during the period. Millennium Management LLC boosted its stake in shares of CorMedix by 3,051.1% in the second quarter. Millennium Management LLC now owns 686,251 shares of the company’s stock worth $2,759,000 after acquiring an additional 664,473 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of CorMedix by 127.6% in the second quarter. Geode Capital Management LLC now owns 851,064 shares of the company’s stock worth $3,374,000 after acquiring an additional 477,084 shares during the period. Institutional investors own 34.18% of the company’s stock.

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.