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

CorMedix Inc. (NASDAQ:CRMD) saw unusually large options trading activity on Tuesday. Investors purchased 4,076 call options on the company. This represents an increase of approximately 170% compared to the average volume of 1,508 call options.

CorMedix Stock Performance

Shares of CorMedix stock traded down $3.52 on Tuesday, hitting $7.26. 4,640,081 shares of the company’s stock were exchanged, compared to its average volume of 879,421. CorMedix has a 1 year low of $3.61 and a 1 year high of $13.85. The company has a 50-day simple moving average of $10.84 and a 200-day simple moving average of $9.91. The stock has a market capitalization 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 analysts’ expectations of $27.46 million. The company’s revenue was up 29900.0% compared to the same quarter last year. On average, analysts expect that CorMedix will post -0.32 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. D. Boral Capital restated a “buy” rating and set a $15.00 price objective on shares of CorMedix in a research note on Tuesday. Leerink Partnrs upgraded shares of CorMedix to a “strong-buy” rating in a report on Friday, March 7th. Royal Bank of Canada upped their price target on CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. Finally, Leerink Partners initiated coverage on shares of CorMedix in a report on Friday, March 7th. They issued an “outperform” rating and a $18.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.00.

Institutional Investors Weigh In On CorMedix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRMD. FMR LLC raised its position in shares of 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 period. Janney Montgomery Scott LLC purchased a new stake in CorMedix in the 4th quarter worth $81,000. Captrust Financial Advisors bought a new stake in CorMedix during the fourth quarter valued at about $90,000. Aigen Investment Management LP purchased a new position in shares of CorMedix in the fourth quarter valued at about $94,000. Finally, XTX Topco Ltd bought a new position in shares of CorMedix in the fourth quarter worth about $95,000. Institutional investors own 34.18% of the company’s stock.

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.