CorMedix Inc. (NASDAQ:CRMD) Short Interest Up 8.9% in November

CorMedix Inc. (NASDAQ:CRMD) was the recipient of a large increase in short interest in November. As of November 15th, there was short interest totalling 6,840,000 shares, an increase of 8.9% from the October 31st total of 6,280,000 shares. Based on an average trading volume of 1,180,000 shares, the short-interest ratio is presently 5.8 days.

CorMedix Stock Performance

Shares of NASDAQ CRMD traded up $0.04 during trading on Wednesday, hitting $9.89. The company had a trading volume of 235,546 shares, compared to its average volume of 737,122. The stock has a 50 day simple moving average of $10.30 and a 200 day simple moving average of $6.94. The firm has a market capitalization of $600.13 million, a P/E ratio of -12.15 and a beta of 1.54. CorMedix has a 12 month low of $2.89 and a 12 month high of $13.85.

CorMedix (NASDAQ:CRMD) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.05. The business had revenue of $11.46 million during the quarter, compared to the consensus estimate of $11.00 million. During the same period last year, the company earned ($0.17) EPS. As a group, analysts predict that CorMedix will post -0.46 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CRMD shares. Rodman & Renshaw initiated coverage on shares of CorMedix in a research note on Monday, August 26th. They issued a “buy” rating and a $13.00 target price on the stock. StockNews.com upgraded CorMedix to a “sell” rating in a report on Friday, November 8th. Needham & Company LLC boosted their target price on CorMedix from $10.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Truist Financial lifted their price target on shares of CorMedix from $12.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $9.00 target price on shares of CorMedix in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to MarketBeat.com, CorMedix currently has an average rating of “Moderate Buy” and an average price target of $15.20.

Insider Buying and Selling at CorMedix

In related news, EVP Elizabeth Hurlburt sold 140,027 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $11.18, for a total value of $1,565,501.86. Following the completion of the transaction, the executive vice president now directly owns 45,397 shares in the company, valued at approximately $507,538.46. The trade was a 75.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in CorMedix by 3.6% during the first 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. Wellington Management Group LLP grew its stake in CorMedix by 130.7% in the third quarter. Wellington Management Group LLP now owns 180,948 shares of the company’s stock valued at $1,462,000 after purchasing an additional 102,527 shares during the last quarter. Parallax Volatility Advisers L.P. bought a new position in CorMedix in the third quarter worth about $648,000. Marshall Wace LLP lifted its position in shares of CorMedix by 109.6% during the second quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock valued at $659,000 after buying an additional 79,619 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings in shares of CorMedix by 150.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock valued at $410,000 after buying an additional 56,963 shares in the last quarter. 34.18% of the stock is owned by hedge funds and other institutional investors.

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.