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

CorMedix Inc. (NASDAQ:CRMD) was the target of a significant increase in short interest during the month of April. As of April 15th, there was short interest totalling 9,380,000 shares, an increase of 13.7% from the March 31st total of 8,250,000 shares. Based on an average daily volume of 587,000 shares, the days-to-cover ratio is presently 16.0 days.

Analysts Set New Price Targets

CRMD has been the subject of a number of research analyst reports. Royal Bank of Canada decreased their target price on CorMedix from $10.00 to $9.00 and set an “outperform” rating for the company in a research report on Wednesday, March 13th. JMP Securities reaffirmed a “market outperform” rating and issued a $19.00 price objective on shares of CorMedix in a research note on Tuesday, April 9th. Needham & Company LLC reiterated a “buy” rating and set a $10.00 target price on shares of CorMedix in a report on Tuesday, April 9th. Finally, Truist Financial reduced their price target 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.

CorMedix Stock Down 0.6 %

Shares of NASDAQ CRMD traded down $0.03 during mid-day trading on Monday, reaching $5.28. 365,514 shares of the company were exchanged, compared to its average volume of 547,509. CorMedix has a 1 year low of $2.57 and a 1 year high of $7.00. The firm has a 50-day moving average of $4.30 and a 200 day moving average of $3.71. The stock has a market cap of $289.40 million, a price-to-earnings ratio of -5.74 and a beta of 1.86.

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 analysts forecast that CorMedix will post -0.83 earnings per share for the current year.

Insider Transactions at CorMedix

In related news, CEO Joseph Todisco acquired 13,561 shares of the stock in a transaction on Wednesday, March 13th. The stock was bought at an average cost of $3.74 per share, with a total value of $50,718.14. Following the transaction, the chief executive officer now directly owns 352,839 shares in the company, valued at $1,319,617.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On CorMedix

Several institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its holdings in shares of CorMedix by 16.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 151,566 shares of the company’s stock valued at $561,000 after purchasing an additional 21,185 shares during the last quarter. Steward Partners Investment Advisory LLC raised its stake in CorMedix by 3.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 138,008 shares of the company’s stock valued at $519,000 after buying an additional 4,195 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in CorMedix by 14.5% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 81,834 shares of the company’s stock valued at $308,000 after buying an additional 10,362 shares during the last quarter. Jump Financial LLC acquired a new stake in CorMedix in the fourth quarter worth about $266,000. Finally, GSG Advisors LLC grew its stake in shares of CorMedix by 65.0% during the fourth quarter. GSG Advisors LLC now owns 49,500 shares of the company’s stock worth $177,000 after acquiring an additional 19,500 shares during the last quarter. 34.18% of the stock is currently owned by institutional investors and hedge funds.

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.