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

CorMedix Inc. (NASDAQ:CRMD) was the recipient of a large growth in short interest in March. As of March 31st, there was short interest totalling 8,250,000 shares, a growth 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.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CRMD. Truist Financial cut their target price on CorMedix from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, January 31st. JMP Securities reissued a “market outperform” rating and set a $19.00 target price on shares of CorMedix in a research note on Tuesday, April 9th. Royal Bank of Canada cut their target price on CorMedix from $10.00 to $9.00 and set an “outperform” rating for the company in a research note on Wednesday, March 13th. Finally, Needham & Company LLC reissued a “buy” rating and set a $10.00 target price on shares of CorMedix in a research note on Tuesday, April 9th.

CorMedix Stock Performance

CRMD opened at $5.41 on Wednesday. The stock’s 50 day simple moving average is $3.86 and its 200 day simple moving average is $3.58. CorMedix has a 1-year low of $2.57 and a 1-year high of $7.00.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings results on Tuesday, March 12th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.05). On average, equities analysts expect that CorMedix will post -0.83 EPS for the current year.

Insider Buying and Selling

In related news, CEO Joseph Todisco bought 13,561 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was purchased at an average cost of $3.74 per share, with a total value of $50,718.14. Following the purchase, the chief executive officer now directly owns 352,839 shares of the company’s stock, valued at approximately $1,319,617.86. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CorMedix

A number of institutional investors and hedge funds have recently modified their holdings of CRMD. Quantbot Technologies LP acquired a new stake in CorMedix during the 1st quarter valued at $38,000. Renaissance Technologies LLC acquired a new stake in CorMedix during the 3rd quarter valued at $38,000. Bayesian Capital Management LP acquired a new stake in CorMedix during the 4th quarter valued at $40,000. Ameriprise Financial Inc. acquired a new stake in CorMedix during the 3rd quarter valued at $40,000. Finally, Goldman Sachs Group Inc. acquired a new stake in CorMedix during the 2nd quarter valued at $44,000. 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.