CorMedix (NASDAQ:CRMD) Given New $16.00 Price Target at Needham & Company LLC

CorMedix (NASDAQ:CRMD) had its target price cut by research analysts at Needham & Company LLC from $20.00 to $16.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 42.98% from the company’s previous close.

CRMD has been the subject of several other research reports. Royal Bank Of Canada reissued an “outperform” rating and issued a $22.00 price objective (up previously from $21.00) on shares of CorMedix in a report on Tuesday, October 21st. Zacks Research upgraded CorMedix from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Wall Street Zen lowered shares of CorMedix from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 11th. JMP Securities reissued a “market outperform” rating and set a $22.00 price target on shares of CorMedix in a report on Tuesday, September 9th. Finally, D Boral Capital raised shares of CorMedix from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, CorMedix currently has an average rating of “Buy” and an average price target of $18.17.

CorMedix Stock Performance

CRMD stock remained flat at $11.19 during midday trading on Wednesday. The company had a trading volume of 7,420,855 shares, compared to its average volume of 2,295,939. The firm has a 50-day simple moving average of $11.49 and a two-hundred day simple moving average of $12.06. The firm has a market cap of $876.62 million, a PE ratio of 14.92 and a beta of 1.80. CorMedix has a one year low of $5.60 and a one year high of $17.43.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings results on Wednesday, November 12th. The company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.79. The company had revenue of $2.73 million for the quarter, compared to the consensus estimate of $65.63 million. CorMedix had a net margin of 42.11% and a return on equity of 42.73%. CorMedix’s quarterly revenue was up 810.2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.05) EPS. CorMedix has set its FY 2025 guidance at EPS. Q4 2025 guidance at EPS. As a group, research analysts forecast that CorMedix will post -0.32 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Joseph Todisco sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $13.00, for a total transaction of $650,000.00. Following the transaction, the chief executive officer directly owned 509,496 shares in the company, valued at approximately $6,623,448. This trade represents a 8.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Alan W. Dunton sold 10,000 shares of CorMedix stock in a transaction on Friday, September 12th. The shares were sold at an average price of $13.13, for a total transaction of $131,300.00. Following the completion of the transaction, the director owned 40,250 shares in the company, valued at approximately $528,482.50. This represents a 19.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 163,997 shares of company stock valued at $2,163,617 over the last ninety days. Company insiders own 3.10% of the company’s stock.

Institutional Trading of CorMedix

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board purchased a new position in shares of CorMedix in the 2nd quarter valued at approximately $42,000. USA Financial Formulas purchased a new stake in CorMedix in the 2nd quarter valued at approximately $55,000. State of Alaska Department of Revenue acquired a new position in CorMedix during the 3rd quarter worth approximately $54,000. Orion Capital Management LLC purchased a new position in shares of CorMedix during the 3rd quarter worth approximately $70,000. Finally, Russell Investments Group Ltd. lifted its holdings in shares of CorMedix by 22.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company’s stock valued at $81,000 after buying an additional 1,190 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.