Traders Buy Large Volume of Call Options on CorMedix (NASDAQ:CRMD)

CorMedix Inc. (NASDAQ:CRMD) was the recipient of unusually large options trading on Tuesday. Stock traders acquired 4,076 call options on the company. This represents an increase of approximately 170% compared to the typical volume of 1,508 call options.

CorMedix Stock Performance

Shares of CRMD stock opened at $7.16 on Thursday. The stock has a market capitalization of $434.45 million, a price-to-earnings ratio of -8.84 and a beta of 1.53. CorMedix has a one year low of $3.61 and a one year high of $13.85. The company’s 50-day simple moving average is $10.66 and its 200-day simple moving average is $9.90.

CorMedix (NASDAQ:CRMD) last released its earnings results on Tuesday, March 25th. The company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.05. The firm had revenue of $30.00 million for the quarter, compared to the consensus estimate of $27.46 million. The firm’s revenue was up 29900.0% on a year-over-year basis. As a group, research analysts forecast that CorMedix will post -0.32 EPS for the current year.

Analysts Set New Price Targets

CRMD has been the topic of a number of analyst reports. Needham & Company LLC dropped their price objective on shares of CorMedix from $18.00 to $12.00 and set a “buy” rating on the stock in a research note on Wednesday. D. Boral Capital reaffirmed a “buy” rating and set a $15.00 price target on shares of CorMedix in a research note on Tuesday. Leerink Partners initiated coverage on shares of CorMedix in a research report on Friday, March 7th. They issued an “outperform” rating and a $18.00 price objective for the company. Leerink Partnrs raised CorMedix to a “strong-buy” rating in a research report on Friday, March 7th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $12.00 price target on shares of CorMedix in a research note on Wednesday. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, CorMedix currently has an average rating of “Moderate Buy” and a consensus target price of $15.14.

Hedge Funds Weigh In On CorMedix

Large investors have recently added to or reduced their stakes in the company. FMR LLC raised its holdings in shares of CorMedix by 54.3% during the third quarter. FMR LLC now owns 4,618 shares of the company’s stock worth $37,000 after purchasing an additional 1,625 shares during the period. Janney Montgomery Scott LLC bought a new stake in shares of CorMedix during the 4th quarter valued at about $81,000. Captrust Financial Advisors acquired a new stake in CorMedix during the fourth quarter worth about $90,000. Aigen Investment Management LP bought a new position in CorMedix in the fourth quarter worth about $94,000. Finally, XTX Topco Ltd bought a new position in CorMedix in the fourth quarter worth about $95,000. 34.18% of the stock is currently owned by institutional investors.

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.