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

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

Institutional Investors Weigh In On CorMedix

Institutional investors and hedge funds have recently bought and sold shares of the business. FMR LLC lifted its stake in CorMedix by 54.3% during the third 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 acquired a new position in CorMedix in the fourth quarter worth approximately $81,000. Captrust Financial Advisors acquired a new stake in shares of CorMedix during the 4th quarter valued at $90,000. Aigen Investment Management LP bought a new stake in shares of CorMedix during the 4th quarter worth $94,000. Finally, XTX Topco Ltd acquired a new position in shares of CorMedix in the 4th quarter worth $95,000. 34.18% of the stock is owned by institutional investors and hedge funds.

CorMedix Price Performance

Shares of NASDAQ:CRMD opened at $7.16 on Thursday. The stock has a market cap of $434.45 million, a price-to-earnings ratio of -8.84 and a beta of 1.53. CorMedix has a 12 month low of $3.61 and a 12 month high of $13.85. The stock’s 50 day moving average price is $10.66 and its 200 day moving average price is $9.90.

CorMedix (NASDAQ:CRMD) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $27.46 million. CorMedix’s revenue was up 29900.0% on a year-over-year basis. On average, sell-side analysts expect that CorMedix will post -0.32 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. 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 price target for the company. Leerink Partnrs upgraded shares of CorMedix to a “strong-buy” rating in a research report on Friday, March 7th. Needham & Company LLC dropped their price target 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 reiterated a “buy” rating and set a $15.00 price objective on shares of CorMedix in a research report on Tuesday. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $12.00 target price on shares of CorMedix in a research report on Wednesday. One analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $15.14.

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.