Needham & Company LLC Issues Pessimistic Forecast for CorMedix (NASDAQ:CRMD) Stock Price

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

Other equities analysts also recently issued research reports about the stock. Zacks Research raised shares of CorMedix from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Weiss Ratings restated a “hold (c)” rating on shares of CorMedix in a research note on Wednesday, October 8th. Wall Street Zen lowered CorMedix from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 11th. Royal Bank Of Canada restated an “outperform” rating and issued a $22.00 price objective (up from $21.00) on shares of CorMedix in a research report on Tuesday, October 21st. Finally, HC Wainwright dropped their price objective on CorMedix from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Three equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price 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 stock has a market capitalization of $876.62 million, a P/E ratio of 14.92 and a beta of 1.80. CorMedix has a fifty-two week low of $5.60 and a fifty-two week high of $17.43. The business has a 50 day simple moving average of $11.49 and a 200-day simple moving average of $12.06.

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

Insider Activity at CorMedix

In other news, insider Kaufman Beth Zelnick sold 50,000 shares of the company’s stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $13.41, for a total value of $670,500.00. Following the transaction, the insider directly owned 180,418 shares in the company, valued at approximately $2,419,405.38. This represents a 21.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Elizabeth Hurlburt sold 41,121 shares of CorMedix stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $13.08, for a total transaction of $537,862.68. Following the sale, the chief operating officer owned 176,990 shares of the company’s stock, valued at $2,315,029.20. The trade was a 18.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 163,997 shares of company stock worth $2,163,617 over the last quarter. 3.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Canada Pension Plan Investment Board bought a new stake in CorMedix during the 2nd quarter valued at $42,000. SBI Securities Co. Ltd. raised its stake in CorMedix by 699.7% in the first quarter. SBI Securities Co. Ltd. now owns 8,685 shares of the company’s stock worth $54,000 after buying an additional 7,599 shares in the last quarter. State of Alaska Department of Revenue purchased a new stake in CorMedix during the third quarter worth $54,000. USA Financial Formulas purchased a new position in shares of CorMedix in the 2nd quarter valued at $55,000. Finally, EntryPoint Capital LLC bought a new position in shares of CorMedix in the 1st quarter worth $66,000. 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.