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

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

Institutional Trading of CorMedix

Large investors have recently added to or reduced their stakes in the business. FMR LLC lifted its holdings in shares of CorMedix by 54.3% in the third quarter. FMR LLC now owns 4,618 shares of the company’s stock valued at $37,000 after purchasing an additional 1,625 shares in the last quarter. Principal Financial Group Inc. bought a new position in shares of CorMedix in the second quarter valued at approximately $44,000. Tidal Investments LLC acquired a new stake in CorMedix during the 1st quarter worth $60,000. Price T Rowe Associates Inc. MD grew its holdings in shares of CorMedix by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,635 shares of the company’s stock valued at $63,000 after buying an additional 2,562 shares during the period. Finally, AlphaMark Advisors LLC acquired a new position in CorMedix in the 3rd quarter worth $97,000. 34.18% of the stock is currently owned by institutional investors and hedge funds.

CorMedix Trading Down 6.1 %

CorMedix stock traded down $0.67 during midday trading on Friday, reaching $10.33. 1,151,207 shares of the stock traded hands, compared to its average volume of 730,164. The company has a 50-day simple moving average of $9.43 and a two-hundred day simple moving average of $6.49. CorMedix has a 12-month low of $2.89 and a 12-month high of $13.85. The firm has a market cap of $626.82 million, a PE ratio of -12.75 and a beta of 1.58.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. The business had revenue of $11.46 million during the quarter, compared to analysts’ expectations of $11.00 million. During the same quarter last year, the firm earned ($0.17) earnings per share. Equities research analysts anticipate that CorMedix will post -0.46 earnings per share for the current year.

Analyst Upgrades and Downgrades

CRMD has been the topic of several research analyst reports. Truist Financial increased their target price on shares of CorMedix from $12.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. StockNews.com upgraded shares of CorMedix to a “sell” rating in a research report on Friday, November 8th. Rodman & Renshaw assumed coverage on shares of CorMedix in a research note on Monday, August 26th. They set a “buy” rating and a $13.00 price target on the stock. Needham & Company LLC boosted their price objective 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, Royal Bank of Canada reiterated an “outperform” rating and issued a $9.00 price target on shares of CorMedix in a research note on Thursday, August 15th. One 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 currently has an average rating of “Moderate Buy” and an average target price of $15.20.

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.