Stock Traders Buy High Volume of CorMedix Call Options (NASDAQ:CRMD)

CorMedix Inc. (NASDAQ:CRMD) was the recipient of some unusual options trading activity on Tuesday. Stock traders purchased 4,076 call options on the stock. This represents an increase of approximately 170% compared to the average volume of 1,508 call options.

CorMedix Stock Down 32.6 %

CRMD traded down $3.52 on Tuesday, hitting $7.26. The company had a trading volume of 4,640,081 shares, compared to its average volume of 879,421. The business’s fifty day simple moving average is $10.84 and its 200 day simple moving average is $9.91. CorMedix has a 12-month low of $3.61 and a 12-month high of $13.85. The company has a market cap of $440.21 million, a PE ratio of -8.96 and a beta of 1.53.

CorMedix (NASDAQ:CRMD) last released its earnings results on Tuesday, March 25th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.17. The company had revenue of $30.00 million for the quarter, compared to the consensus estimate of $27.46 million. CorMedix’s quarterly revenue was up 29900.0% on a year-over-year basis. On average, analysts anticipate that CorMedix will post -0.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CorMedix

Several hedge funds and other institutional investors have recently made changes to their positions in CRMD. FMR LLC grew its holdings in CorMedix by 54.3% during the 3rd quarter. FMR LLC now owns 4,618 shares of the company’s stock valued at $37,000 after purchasing an additional 1,625 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of CorMedix during the fourth quarter valued at $81,000. Captrust Financial Advisors purchased a new stake in CorMedix in the 4th quarter valued at about $90,000. Aigen Investment Management LP bought a new position in CorMedix in the fourth quarter worth approximately $94,000. Finally, XTX Topco Ltd bought a new position in shares of CorMedix during the 4th quarter worth $95,000. Hedge funds and other institutional investors own 34.18% of the company’s stock.

Analysts Set New Price Targets

CRMD has been the subject of a number of research reports. Leerink Partners began coverage on shares of CorMedix in a research report on Friday, March 7th. They set an “outperform” rating and a $18.00 target price for the company. Royal Bank of Canada raised their price objective on CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. D. Boral Capital reiterated a “buy” rating and issued a $15.00 target price on shares of CorMedix in a research report on Tuesday. Finally, Leerink Partnrs raised CorMedix to a “strong-buy” rating in a research note on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $16.00.

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.