Short Interest in CorMedix Inc (NASDAQ:CRMD) Increases By 32.8%

CorMedix Inc (NASDAQ:CRMD) was the target of a large increase in short interest in the month of August. As of August 15th, there was short interest totaling 14,180,000 shares, an increase of 32.8% from the July 31st total of 10,680,000 shares. Based on an average daily trading volume, of 2,450,000 shares, the days-to-cover ratio is currently 5.8 days. Based on an average daily trading volume, of 2,450,000 shares, the days-to-cover ratio is currently 5.8 days.

CorMedix Trading Down 1.8%

Shares of CRMD opened at $12.79 on Thursday. The firm has a market cap of $954.77 million, a price-to-earnings ratio of 17.05 and a beta of 1.76. The stock has a 50 day moving average of $12.26 and a 200-day moving average of $11.18. CorMedix has a 52 week low of $5.60 and a 52 week high of $17.43.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Thursday, August 7th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.20 by $0.08. The company had revenue of $39.74 million during the quarter, compared to analyst estimates of $29.88 million. CorMedix had a return on equity of 42.73% and a net margin of 42.11%.The business’s revenue was up 4830.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.25) EPS. On average, sell-side analysts predict that CorMedix will post -0.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CRMD shares. Wall Street Zen downgraded CorMedix from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 9th. JMP Securities reiterated a “market outperform” rating and set a $22.00 target price on shares of CorMedix in a report on Tuesday. HC Wainwright dropped their target price on CorMedix from $20.00 to $17.00 and set a “buy” rating on the stock in a report on Friday, August 8th. Needham & Company LLC raised their target price on CorMedix from $15.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, June 24th. Finally, D. Boral Capital downgraded CorMedix from a “buy” rating to a “hold” rating in a report on Monday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, CorMedix has an average rating of “Moderate Buy” and a consensus target price of $18.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRMD. Canada Pension Plan Investment Board acquired a new position in CorMedix during the 2nd quarter valued at approximately $42,000. SBI Securities Co. Ltd. raised its position in shares of CorMedix by 699.7% during the first quarter. SBI Securities Co. Ltd. now owns 8,685 shares of the company’s stock worth $54,000 after purchasing an additional 7,599 shares during the period. USA Financial Formulas acquired a new stake in shares of CorMedix during the second quarter worth $55,000. Essex Financial Services Inc. purchased a new position in shares of CorMedix during the first quarter valued at $63,000. Finally, EntryPoint Capital LLC acquired a new position in CorMedix in the 1st quarter worth about $66,000. Institutional investors and hedge funds own 34.18% of the company’s stock.

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.