CorMedix Inc. (NASDAQ:CRMD) Sees Large Decline in Short Interest

CorMedix Inc. (NASDAQ:CRMD) saw a significant decline in short interest in September. As of September 30th, there was short interest totalling 9,270,000 shares, a decline of 10.7% from the September 15th total of 10,380,000 shares. Based on an average trading volume of 811,500 shares, the short-interest ratio is currently 11.4 days.

Institutional Trading of CorMedix

A number of hedge funds and other institutional investors have recently modified their holdings of the business. AlphaMark Advisors LLC purchased a new stake in CorMedix during the 3rd quarter valued at about $97,000. Creative Planning bought a new position in CorMedix during the 3rd quarter valued at about $129,000. SG Americas Securities LLC bought a new position in shares of CorMedix in the 3rd quarter worth approximately $152,000. Sanctuary Advisors LLC bought a new position in shares of CorMedix in the 2nd quarter worth approximately $138,000. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of CorMedix by 13.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,190 shares of the company’s stock worth $100,000 after purchasing an additional 2,700 shares during the period. 34.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 price objective on shares of CorMedix in a research note on Thursday, August 15th. Rodman & Renshaw started coverage on shares of CorMedix in a research report on Monday, August 26th. They set a “buy” rating and a $13.00 target price for the company. Royal Bank of Canada reiterated an “outperform” rating and set a $9.00 target price on shares of CorMedix in a research report on Thursday, August 15th. Finally, Truist Financial dropped their target price on shares of CorMedix from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Thursday, July 25th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $12.60.

CorMedix Stock Performance

NASDAQ:CRMD traded up $0.04 during midday trading on Thursday, reaching $10.49. 789,145 shares of the stock traded hands, compared to its average volume of 636,691. The company has a fifty day moving average of $6.88 and a 200 day moving average of $5.59. The stock has a market capitalization of $576.52 million, a P/E ratio of -11.28 and a beta of 1.61. CorMedix has a 12 month low of $2.57 and a 12 month high of $10.66.

CorMedix (NASDAQ:CRMD) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.01. The company had revenue of $0.81 million for the quarter, compared to analysts’ expectations of $0.75 million. During the same period in the previous year, the firm posted ($0.25) earnings per share. On average, analysts predict that CorMedix will post -0.58 EPS for the current fiscal year.

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.