CorMedix Inc (NASDAQ:CRMD) Short Interest Up 32.8% in August

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) saw a significant increase in short interest in the month of August. As of August 15th, there was short interest totaling 14,180,000 shares, an increase of 32.8% from the July 31st total of 10,680,000 shares. Based on an average daily trading volume, of 2,450,000 shares, the days-to-cover ratio is currently 5.8 days. Based on an average daily trading volume, of 2,450,000 shares, the days-to-cover ratio is currently 5.8 days.

Insiders Place Their Bets

In other CorMedix news, COO Elizabeth Hurlburt sold 41,121 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $13.08, for a total transaction of $537,862.68. Following the completion of the sale, the chief operating officer directly owned 176,990 shares in the company, valued at $2,315,029.20. The trade was a 18.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joseph Todisco sold 50,000 shares of the business's stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $13.00, for a total transaction of $650,000.00. Following the sale, the chief executive officer owned 509,496 shares of the company's stock, valued at approximately $6,623,448. This represents a 8.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 153,997 shares of company stock worth $2,032,317 over the last ninety days. 5.30% of the stock is owned by company insiders.

Institutional Trading of CorMedix

Several institutional investors have recently added to or reduced their stakes in CRMD. China Universal Asset Management Co. Ltd. raised its holdings in shares of CorMedix by 11.9% during the second quarter. China Universal Asset Management Co. Ltd. now owns 13,622 shares of the company's stock worth $168,000 after purchasing an additional 1,451 shares during the period. Squarepoint Ops LLC raised its holdings in shares of CorMedix by 337.9% during the second quarter. Squarepoint Ops LLC now owns 290,832 shares of the company's stock worth $3,583,000 after purchasing an additional 224,412 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of CorMedix by 1,088.4% during the second quarter. Tower Research Capital LLC TRC now owns 9,032 shares of the company's stock worth $111,000 after purchasing an additional 8,272 shares during the period. Militia Capital Partners LP acquired a new stake in shares of CorMedix during the second quarter worth $1,232,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of CorMedix during the second quarter worth $5,115,000. 34.18% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CRMD shares. D. Boral Capital downgraded shares of CorMedix from a "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, September 9th. HC Wainwright decreased their target price on shares of CorMedix from $20.00 to $17.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Royal Bank Of Canada upgraded shares of CorMedix from an "outperform" rating to a "moderate buy" rating and upped their target price for the company from $13.00 to $17.00 in a research note on Friday, June 20th. Finally, Needham & Company LLC upped their target price on shares of CorMedix from $15.00 to $20.00 and gave the company a "buy" rating in a research note on Tuesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $18.00.

CorMedix Price Performance

CRMD traded down $0.15 during trading on Friday, hitting $12.94. The company had a trading volume of 1,692,851 shares, compared to its average volume of 4,486,132. The company has a market cap of $965.97 million, a PE ratio of 17.25 and a beta of 1.76. The business has a 50-day moving average of $12.31 and a 200-day moving average of $11.22. CorMedix has a 1-year low of $5.60 and a 1-year high of $17.43.

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