CorMedix Inc (NASDAQ:CRMD) Short Interest Update

Key Points

• CorMedix Inc saw an increase in short interest of 32.8% in August, reaching 14.18 million shares, reflecting a current short-interest ratio of 5.8 days.
• The company's share price rose by 5.3% to $13.43, with a market cap of $1 billion and a P/E ratio of 17.80.
• CorMedix reported record earnings of $0.28 per share for the last quarter, significantly surpassing analysts' expectations and indicating a 4830.1% revenue increase year-over-year.

CorMedix Inc (NASDAQ:CRMD - Get Free Report) was the recipient of a large growth in short interest during the month of August. As of August 15th, there was short interest totaling 14,180,000 shares, agrowthof32.8% from the July 31st total of 10,680,000 shares. Based on an average daily trading volume, of 2,450,000 shares, the short-interest ratio is presently 5.8 days. Based on an average daily trading volume, of 2,450,000 shares, the short-interest ratio is presently 5.8 days.

CorMedix Trading Up 5.3%

Shares of NASDAQ:CRMD traded up $0.68 during mid-day trading on Tuesday, reaching $13.43. The company had a trading volume of 1,258,150 shares, compared to its average volume of 2,176,812. The firm has a market cap of $1.00 billion, a price-to-earnings ratio of 17.80 and a beta of 1.76. The company's 50-day moving average price is $12.21 and its 200-day moving average price is $11.15. CorMedix has a one year low of $5.54 and a one year high of $17.43.

CorMedix (NASDAQ:CRMD - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.20 by $0.08. CorMedix had a net margin of 42.11% and a return on equity of 42.73%. The business had revenue of $39.74 million for the quarter, compared to analysts' expectations of $29.88 million. During the same quarter in the previous year, the firm posted ($0.25) EPS. The business's revenue for the quarter was up 4830.1% compared to the same quarter last year. On average, research analysts anticipate that CorMedix will post -0.32 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CRMD has been the topic of a number of research analyst reports. D Boral Capital downgraded CorMedix from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 30th. JMP Securities restated a "market outperform" rating and issued a $22.00 target price on shares of CorMedix in a research note on Tuesday. Royal Bank Of Canada upgraded CorMedix from an "outperform" rating to a "moderate buy" rating and boosted their target price for the stock from $13.00 to $17.00 in a research note on Friday, June 20th. D. Boral Capital downgraded CorMedix from a "buy" rating to a "hold" rating in a research note on Monday, June 30th. Finally, HC Wainwright lowered their price target on shares of CorMedix from $20.00 to $17.00 and set a "buy" rating on the stock in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $18.00.

Institutional Investors Weigh In On CorMedix

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in CorMedix by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 3,646,551 shares of the company's stock valued at $22,463,000 after acquiring an additional 268,360 shares during the period. Marshall Wace LLP raised its holdings in CorMedix by 1,019.2% during the 2nd quarter. Marshall Wace LLP now owns 2,579,976 shares of the company's stock valued at $31,785,000 after acquiring an additional 2,349,451 shares during the period. Geode Capital Management LLC raised its holdings in CorMedix by 11.4% during the 2nd quarter. Geode Capital Management LLC now owns 1,596,322 shares of the company's stock valued at $19,669,000 after acquiring an additional 163,403 shares during the period. Palisades Investment Partners LLC raised its holdings in CorMedix by 56.7% during the 2nd quarter. Palisades Investment Partners LLC now owns 562,527 shares of the company's stock valued at $6,930,000 after acquiring an additional 203,557 shares during the period. Finally, Northern Trust Corp raised its holdings in CorMedix by 14.4% during the 4th quarter. Northern Trust Corp now owns 511,565 shares of the company's stock valued at $4,144,000 after acquiring an additional 64,243 shares during the period. Institutional investors own 34.18% of the company's stock.

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.

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