Short Interest in CorMedix Inc. (NASDAQ:CRMD) Declines By 10.7%

CorMedix Inc. (NASDAQ:CRMD) was the recipient of a large decrease in short interest during 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 daily volume of 811,500 shares, the short-interest ratio is currently 11.4 days.

Institutional Trading of CorMedix

A number of hedge funds have recently bought and sold shares of CRMD. Vanguard Group Inc. increased its holdings in 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 buying an additional 102,851 shares during the period. Bank of New York Mellon Corp boosted its position in shares of CorMedix by 19.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock valued at $688,000 after acquiring an additional 25,677 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 period. Commonwealth Equity Services LLC increased its stake in CorMedix by 150.7% in the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock valued at $410,000 after acquiring an additional 56,963 shares during the period. Finally, Rhumbline Advisers raised its position in CorMedix by 18.0% in the second quarter. Rhumbline Advisers now owns 74,239 shares of the company’s stock worth $321,000 after purchasing an additional 11,339 shares in the last quarter. 34.18% of the stock is owned by institutional investors.

CorMedix Stock Performance

Shares of NASDAQ CRMD traded up $0.04 during trading hours on Thursday, hitting $10.49. The stock had a trading volume of 789,145 shares, compared to its average volume of 636,691. The firm’s 50-day moving average price is $6.88 and its two-hundred day moving average price is $5.59. CorMedix has a 52 week low of $2.57 and a 52 week high of $10.66. The company has a market capitalization of $576.52 million, a P/E ratio of -11.28 and a beta of 1.61.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.01. The company had revenue of $0.81 million for the quarter, compared to analyst estimates of $0.75 million. During the same quarter last year, the business earned ($0.25) EPS. As a group, analysts expect that CorMedix will post -0.58 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

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.