CorMedix Inc. (NASDAQ:CRMD) Sees Significant Increase in Short Interest

CorMedix Inc. (NASDAQ:CRMD) was the recipient of a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 6,840,000 shares, an increase of 8.9% from the October 31st total of 6,280,000 shares. Based on an average trading volume of 1,180,000 shares, the short-interest ratio is currently 5.8 days.

Analyst Ratings Changes

Several research analysts recently weighed in on CRMD shares. StockNews.com upgraded CorMedix to a “sell” rating in a research report on Friday, November 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $9.00 target price on shares of CorMedix in a report on Thursday, August 15th. Truist Financial increased their price target on shares of CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Needham & Company LLC lifted their price objective on shares of CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, Rodman & Renshaw started coverage on shares of CorMedix in a research note on Monday, August 26th. They set a “buy” rating and a $13.00 target price on the stock. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $15.20.

CorMedix Stock Performance

Shares of CRMD stock traded up $0.04 on Wednesday, reaching $9.89. 235,546 shares of the company were exchanged, compared to its average volume of 737,122. CorMedix has a 1 year low of $2.89 and a 1 year high of $13.85. The business has a 50-day moving average price of $10.30 and a 200 day moving average price of $6.94. The company has a market cap of $600.13 million, a price-to-earnings ratio of -12.15 and a beta of 1.54.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.05. The firm had revenue of $11.46 million for the quarter, compared to analysts’ expectations of $11.00 million. During the same quarter last year, the firm posted ($0.17) earnings per share. As a group, equities analysts anticipate that CorMedix will post -0.46 earnings per share for the current year.

Insider Activity at CorMedix

In related news, EVP Elizabeth Hurlburt sold 140,027 shares of the business’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $11.18, for a total transaction of $1,565,501.86. Following the completion of the transaction, the executive vice president now directly owns 45,397 shares in the company, valued at $507,538.46. The trade was a 75.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.20% of the stock is owned by insiders.

Institutional Investors Weigh In On CorMedix

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD grew its holdings in shares of CorMedix by 21.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock valued at $63,000 after purchasing an additional 2,562 shares during the period. Marshall Wace LLP raised its position in shares of CorMedix by 109.6% during the 2nd quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock valued at $659,000 after buying an additional 79,619 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in CorMedix by 13.2% in the second quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock valued at $100,000 after acquiring an additional 2,700 shares during the last quarter. Tidal Investments LLC purchased a new position in CorMedix in the first quarter worth approximately $60,000. Finally, Commonwealth Equity Services LLC increased its stake in CorMedix by 150.7% during the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock worth $410,000 after acquiring an additional 56,963 shares during the last quarter. Institutional investors and hedge funds 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.