CorMedix Inc. (CRMD) Sees Significant Increase in Short Interest

CorMedix Inc. (NYSEAMERICAN:CRMD) saw a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 2,715,967 shares, an increase of 28.2% from the October 13th total of 2,118,383 shares. Approximately 4.9% of the shares of the company are short sold. Based on an average daily trading volume, of 944,548 shares, the days-to-cover ratio is currently 2.9 days.

CorMedix (NYSEAMERICAN:CRMD) opened at $0.50 on Friday. CorMedix has a 52-week low of $0.32 and a 52-week high of $2.48.

Several analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of CorMedix from a “hold” rating to a “buy” rating and set a $0.50 target price on the stock in a research report on Monday, August 14th. HC Wainwright set a $4.00 price target on shares of CorMedix and gave the stock a “buy” rating in a research report on Monday, October 16th. Finally, Rodman & Renshaw lowered their price target on shares of CorMedix from $5.00 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, August 10th.

A number of institutional investors and hedge funds have recently bought and sold shares of CRMD. Vanguard Group Inc. boosted its position in CorMedix by 3.0% during the second quarter. Vanguard Group Inc. now owns 1,208,894 shares of the biotechnology company’s stock worth $518,000 after acquiring an additional 35,148 shares during the last quarter. Elliott Management Corp raised its stake in CorMedix by 177.8% during the second quarter. Elliott Management Corp now owns 4,166,868 shares of the biotechnology company’s stock worth $1,785,000 after purchasing an additional 2,666,668 shares during the period. Susquehanna International Group LLP raised its stake in CorMedix by 11,785.4% during the second quarter. Susquehanna International Group LLP now owns 2,067,973 shares of the biotechnology company’s stock worth $886,000 after purchasing an additional 2,085,670 shares during the period. Finally, Sabby Management LLC purchased a new position in CorMedix during the second quarter worth about $1,818,000.

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CorMedix Company Profile

CorMedix Inc is a commercial pharmaceutical and medical device company. The Company in-licenses, develops and commercializes prophylactic and therapeutic products for the prevention and treatment of infectious and inflammatory diseases. The Company has in-licensed the rights to develop and commercialize its product candidate, CRMD003 (Neutrolin), which addresses market opportunities in the instances in which a central venous catheter is used, such as hemodialysis, intensive care units, oncology, and patients receiving total parenteral nutrition, intravenous (IV) hydration, and/or IV medications.

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