Short Interest in CorMedix Inc. (NASDAQ:CRMD) Increases By 6.2%

CorMedix Inc. (NASDAQ:CRMD) was the target of a significant growth in short interest in the month of 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 trading volume of 443,800 shares, the short-interest ratio is currently 18.6 days.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, CEO Joseph Todisco bought 13,561 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were bought at an average cost of $3.74 per share, for a total transaction of $50,718.14. Following the completion of the transaction, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 4.60% of the company’s stock.

Institutional Trading of CorMedix

Several hedge funds and other institutional investors have recently bought and sold shares of CRMD. Quantbot Technologies LP purchased a new position in CorMedix during the first quarter worth $38,000. Renaissance Technologies LLC purchased a new position in shares of CorMedix during the 1st quarter worth about $56,000. Bayesian Capital Management LP bought a new position in CorMedix during the 4th quarter valued at about $40,000. Ameriprise Financial Inc. purchased a new stake in CorMedix in the 3rd quarter worth about $40,000. Finally, Goldman Sachs Group Inc. bought a new stake in CorMedix in the second quarter worth about $44,000. Hedge funds and other institutional investors own 34.18% of the company’s stock.

CorMedix Stock Performance

Shares of NASDAQ:CRMD traded down $0.12 on Tuesday, reaching $5.26. The company’s stock had a trading volume of 424,010 shares, compared to its average volume of 525,116. The company has a 50-day simple moving average of $3.81 and a 200 day simple moving average of $3.57. The company has a market cap of $288.30 million, a P/E ratio of -5.85 and a beta of 1.86. CorMedix has a 52-week low of $2.57 and a 52-week high of $7.00.

CorMedix (NASDAQ:CRMD) last released its quarterly 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 forecast that CorMedix will post -0.83 EPS 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.