CorMedix Inc. (NASDAQ:CRMD) Short Interest Up 6.2% in March

CorMedix Inc. (NASDAQ:CRMD - Get Free Report) was the recipient of a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 8,250,000 shares, an increase of 6.2% from the March 15th total of 7,770,000 shares. Based on an average daily trading volume, of 443,800 shares, the days-to-cover ratio is presently 18.6 days.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CRMD shares. Royal Bank of Canada reduced their price target on shares of CorMedix from $10.00 to $9.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 13th. JMP Securities reiterated a "market outperform" rating and issued a $19.00 target price on shares of CorMedix in a report on Tuesday, April 9th. Needham & Company LLC reiterated a "buy" rating and issued a $10.00 target price on shares of CorMedix in a report on Tuesday, April 9th. Finally, Truist Financial dropped their target price on shares of CorMedix from $18.00 to $14.00 and set a "buy" rating for the company in a report on Wednesday, January 31st.

Insider Activity

In other news, CEO Joseph Todisco purchased 13,561 shares of CorMedix stock in a transaction dated Wednesday, March 13th. The shares were purchased at an average price of $3.74 per share, with a total value of $50,718.14. Following the transaction, the chief executive officer now owns 352,839 shares in the company, valued at $1,319,617.86. The purchase was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 4.60% of the company's stock.

Institutional Investors Weigh In On CorMedix

Several institutional investors have recently modified their holdings of CRMD. Quantbot Technologies LP purchased a new stake in shares of CorMedix during the 1st quarter worth $38,000. Renaissance Technologies LLC purchased a new stake in shares of CorMedix during the 3rd quarter worth $38,000. Bayesian Capital Management LP purchased a new stake in CorMedix in the fourth quarter valued at $40,000. Ameriprise Financial Inc. purchased a new stake in CorMedix in the third quarter valued at $40,000. Finally, Goldman Sachs Group Inc. purchased a new stake in CorMedix in the second quarter valued at $44,000. 34.18% of the stock is owned by hedge funds and other institutional investors.

CorMedix Trading Up 0.6 %

CorMedix stock traded up $0.03 during trading on Tuesday, hitting $5.41. The company had a trading volume of 719,440 shares, compared to its average volume of 529,526. The company's 50 day simple moving average is $3.86 and its 200-day simple moving average is $3.58. The stock has a market cap of $296.52 million, a price-to-earnings ratio of -5.85 and a beta of 1.86. CorMedix has a 1-year low of $2.57 and a 1-year high of $7.00.

CorMedix (NASDAQ:CRMD - Get Free Report) last released its quarterly earnings data on Tuesday, March 12th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.05). As a group, analysts forecast that CorMedix will post -0.83 earnings per share for the current fiscal year.

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.