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

CorMedix Inc. (NASDAQ:CRMD) was the recipient of a large decrease in short interest in the month of September. As of September 30th, there was short interest totalling 9,270,000 shares, a decrease of 10.7% from the September 15th total of 10,380,000 shares. Based on an average trading volume of 811,500 shares, the days-to-cover ratio is currently 11.4 days.

Institutional Investors Weigh In On CorMedix

A number of large investors have recently bought and sold shares of CRMD. Price T Rowe Associates Inc. MD raised its position in shares of CorMedix by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock valued at $63,000 after buying an additional 2,562 shares in the last quarter. Marshall Wace LLP increased its stake in CorMedix by 109.6% in the second quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock valued at $659,000 after acquiring an additional 79,619 shares during the last quarter. Tidal Investments LLC acquired a new position in CorMedix during the first quarter valued at approximately $60,000. Commonwealth Equity Services LLC lifted 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 purchasing an additional 56,963 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of CorMedix by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 2,928,186 shares of the company’s stock valued at $12,416,000 after purchasing an additional 102,851 shares in the last quarter. 34.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CRMD. Needham & Company LLC restated a “buy” rating and set a $10.00 price objective on shares of CorMedix in a report on Thursday, August 15th. Rodman & Renshaw began coverage on CorMedix in a research note on Monday, August 26th. They issued a “buy” rating and a $13.00 price target for the company. Truist Financial decreased their price objective on CorMedix from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, July 25th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $9.00 target price on shares of CorMedix in a report on Thursday, August 15th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $12.60.

CorMedix Stock Up 0.4 %

Shares of CRMD traded up $0.04 during mid-day trading on Thursday, hitting $10.49. 789,145 shares of the company’s stock were exchanged, compared to its average volume of 636,691. The firm has a market cap of $576.52 million, a price-to-earnings ratio of -11.28 and a beta of 1.61. The stock’s 50-day simple moving average is $6.88 and its 200-day simple moving average is $5.59. CorMedix has a 52 week low of $2.57 and a 52 week high of $10.66.

CorMedix (NASDAQ:CRMD) last released its earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.01. The company had revenue of $0.81 million for the quarter, compared to the consensus estimate of $0.75 million. During the same quarter in the previous year, the company posted ($0.25) earnings per share. Analysts forecast that CorMedix will post -0.58 earnings per share for the current fiscal year.

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.