CorMedix Inc. (NASDAQ:CRMD) Short Interest Up 6.2% in March

CorMedix Inc. (NASDAQ:CRMD) was the recipient of a significant growth in short interest during 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.

CorMedix Trading Down 2.2 %

CorMedix stock traded down $0.12 during mid-day trading on Tuesday, hitting $5.26. The company’s stock had a trading volume of 424,010 shares, compared to its average volume of 525,116. The firm has a market capitalization of $288.30 million, a PE ratio of -5.85 and a beta of 1.86. CorMedix has a 1 year low of $2.57 and a 1 year high of $7.00. The stock’s fifty day moving average is $3.81 and its two-hundred day moving average is $3.57.

CorMedix (NASDAQ:CRMD) last announced 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 fiscal year.

Insider Transactions at CorMedix

In other news, CEO Joseph Todisco acquired 13,561 shares of CorMedix 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 owns 352,839 shares in the company, valued at $1,319,617.86. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.60% of the company’s stock.

Institutional Trading of CorMedix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRMD. Vanguard Group Inc. grew its stake in shares of CorMedix by 6.6% in the fourth quarter. Vanguard Group Inc. now owns 2,825,335 shares of the company’s stock valued at $10,623,000 after buying an additional 174,587 shares in the last quarter. BlackRock Inc. increased its stake in CorMedix by 323.6% during the second quarter. BlackRock Inc. now owns 2,724,697 shares of the company’s stock worth $10,803,000 after purchasing an additional 2,081,542 shares during the period. Nomura Holdings Inc. lifted its position in shares of CorMedix by 20.0% during the first quarter. Nomura Holdings Inc. now owns 2,403,886 shares of the company’s stock worth $13,393,000 after purchasing an additional 400,274 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of CorMedix by 614.4% in the second quarter. Marshall Wace LLP now owns 1,438,878 shares of the company’s stock valued at $5,698,000 after purchasing an additional 1,237,479 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of CorMedix by 127.6% in the second quarter. Geode Capital Management LLC now owns 851,064 shares of the company’s stock valued at $3,374,000 after purchasing an additional 477,084 shares during the period. Hedge funds and other institutional investors own 34.18% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on CRMD shares. Royal Bank of Canada decreased their target price 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. Needham & Company LLC restated a “buy” rating and issued a $10.00 target price on shares of CorMedix in a report on Tuesday, April 9th. JMP Securities reiterated a “market outperform” rating and set a $19.00 price target on shares of CorMedix in a report on Tuesday, April 9th. Finally, Truist Financial dropped their price objective on shares of CorMedix from $18.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, January 31st.

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.