CorMedix Inc. (NASDAQ:CRMD) Short Interest Down 20.1% in October

CorMedix Inc. (NASDAQ:CRMD) was the recipient of a significant drop in short interest in October. As of October 31st, there was short interest totalling 6,280,000 shares, a drop of 20.1% from the October 15th total of 7,860,000 shares. Based on an average daily trading volume, of 1,170,000 shares, the short-interest ratio is currently 5.4 days.

CorMedix Stock Down 6.1 %

NASDAQ:CRMD traded down $0.67 on Friday, reaching $10.33. 1,151,207 shares of the company’s stock were exchanged, compared to its average volume of 730,164. The firm has a market capitalization of $626.82 million, a price-to-earnings ratio of -12.75 and a beta of 1.58. The business has a fifty day moving average of $9.43 and a 200-day moving average of $6.49. CorMedix has a 52-week low of $2.89 and a 52-week high of $13.85.

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

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On CorMedix

Several hedge funds have recently modified their holdings of CRMD. FMR LLC grew its position in shares of CorMedix by 54.3% in the 3rd quarter. FMR LLC now owns 4,618 shares of the company’s stock worth $37,000 after acquiring an additional 1,625 shares in the last quarter. Principal Financial Group Inc. acquired a new position in CorMedix during the 2nd quarter valued at approximately $44,000. Tidal Investments LLC acquired a new position in CorMedix during the 1st quarter worth $60,000. Price T Rowe Associates Inc. MD boosted its position in CorMedix by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock worth $63,000 after acquiring an additional 2,562 shares during the period. Finally, AlphaMark Advisors LLC acquired a new position in CorMedix during the 3rd quarter worth $97,000. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

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.