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

CorMedix Inc. (NASDAQ:CRMD) was the recipient of a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 8,250,000 shares, an increase of 6.2% from the March 15th total of 7,770,000 shares. Based on an average daily volume of 443,800 shares, the short-interest ratio is presently 18.6 days.

Insider Buying and Selling

In other CorMedix news, CEO Joseph Todisco bought 13,561 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was acquired at an average price of $3.74 per share, for a total transaction of $50,718.14. Following the completion of the transaction, the chief executive officer now directly owns 352,839 shares of the company’s stock, valued at $1,319,617.86. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 4.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CorMedix

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRMD. MJP Associates Inc. ADV purchased a new stake in CorMedix during the 4th quarter worth approximately $94,000. Bank of New York Mellon Corp increased its stake in shares of CorMedix by 16.2% in the third quarter. Bank of New York Mellon Corp now owns 151,566 shares of the company’s stock worth $561,000 after acquiring an additional 21,185 shares during the period. GSG Advisors LLC raised its holdings 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 purchasing an additional 19,500 shares during the last quarter. Walleye Capital LLC acquired a new position in CorMedix during the second quarter valued at $193,000. Finally, PDT Partners LLC boosted its holdings in CorMedix by 138.9% in the second quarter. PDT Partners LLC now owns 41,623 shares of the company’s stock valued at $167,000 after purchasing an additional 24,201 shares during the last quarter. Hedge funds and other institutional investors own 34.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 target price on shares of CorMedix in a research report on Tuesday, April 9th. Truist Financial decreased their target price on CorMedix from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, January 31st. Royal Bank of Canada lowered their target price on CorMedix from $10.00 to $9.00 and set an “outperform” rating for the company in a report on Wednesday, March 13th. Finally, JMP Securities restated a “market outperform” rating and set a $19.00 price target on shares of CorMedix in a research note on Tuesday, April 9th.

CorMedix Stock Up 0.6 %

Shares of CRMD stock opened at $5.44 on Thursday. The firm has a market cap of $298.17 million, a price-to-earnings ratio of -5.91 and a beta of 1.86. CorMedix has a 52-week low of $2.57 and a 52-week high of $7.00. The company’s 50 day moving average is $3.91 and its 200 day moving average is $3.59.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings results on Tuesday, March 12th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.05). Analysts anticipate 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.