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

CorMedix Inc. (NASDAQ:CRMD) saw a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 8,250,000 shares, an increase of 6.2% from the March 15th total of 7,770,000 shares. Based on an average daily volume of 443,800 shares, the days-to-cover ratio is currently 18.6 days.

CorMedix Price Performance

CorMedix stock opened at $5.44 on Thursday. The stock’s 50 day moving average price is $3.91 and its 200 day moving average price is $3.59. CorMedix has a 1-year low of $2.57 and a 1-year high of $7.00. The company has a market cap of $298.17 million, a PE ratio of -5.91 and a beta of 1.86.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Tuesday, March 12th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.05). On average, equities research analysts anticipate that CorMedix will post -0.83 EPS for the current fiscal year.

Insider Buying and Selling at CorMedix

In other CorMedix news, CEO Joseph Todisco bought 13,561 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was acquired at an average price of $3.74 per share, for a total transaction of $50,718.14. Following the completion of the purchase, the chief executive officer now owns 352,839 shares of the company’s stock, valued at $1,319,617.86. The acquisition was disclosed in a filing with the SEC, which is available through this link. 4.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CorMedix

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its stake in CorMedix by 323.6% in the 2nd quarter. BlackRock Inc. now owns 2,724,697 shares of the company’s stock valued at $10,803,000 after purchasing an additional 2,081,542 shares in the last quarter. Marshall Wace LLP raised its stake in shares of CorMedix by 614.4% during the 2nd quarter. Marshall Wace LLP now owns 1,438,878 shares of the company’s stock worth $5,698,000 after buying an additional 1,237,479 shares during the last quarter. State Street Corp raised its stake in shares of CorMedix by 467.4% during the 2nd quarter. State Street Corp now owns 813,320 shares of the company’s stock worth $3,225,000 after buying an additional 669,991 shares during the last quarter. Millennium Management LLC boosted its position in shares of CorMedix by 3,051.1% in the 2nd quarter. Millennium Management LLC now owns 686,251 shares of the company’s stock worth $2,759,000 after buying an additional 664,473 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in CorMedix by 127.6% during the 2nd quarter. Geode Capital Management LLC now owns 851,064 shares of the company’s stock valued at $3,374,000 after acquiring an additional 477,084 shares in the last quarter. 34.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Needham & Company LLC restated a “buy” rating and set a $10.00 price target on shares of CorMedix in a research note on Tuesday, April 9th. JMP Securities restated a “market outperform” rating and set a $19.00 price objective on shares of CorMedix in a research report on Tuesday, April 9th. Truist Financial reduced their target price on shares of CorMedix from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, January 31st. Finally, Royal Bank of Canada dropped their price target on shares of CorMedix from $10.00 to $9.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 13th.

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.