Stock Traders Purchase High Volume of CorMedix Call Options (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 is an increase of approximately 170% compared to the typical volume of 1,508 call options.

CorMedix Stock Down 31.8 %

CRMD opened at $7.34 on Wednesday. The business has a fifty day moving average of $10.76 and a 200 day moving average of $9.92. The stock has a market cap of $445.37 million, a P/E ratio of -9.06 and a beta of 1.53. CorMedix has a 52-week low of $3.61 and a 52-week high of $13.85.

CorMedix (NASDAQ:CRMD) last posted its quarterly 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 company had revenue of $30.00 million during the quarter, compared to the consensus estimate of $27.46 million. The business’s revenue was up 29900.0% compared to the same quarter last year. Equities analysts anticipate that CorMedix will post -0.32 EPS for the current fiscal year.

Institutional Trading of CorMedix

A number of large investors have recently modified their holdings of CRMD. JPMorgan Chase & Co. lifted its holdings in shares of CorMedix by 685.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock worth $1,568,000 after buying an additional 169,397 shares during the period. New York State Common Retirement Fund lifted its position in shares of CorMedix by 1,398.2% in the 4th quarter. New York State Common Retirement Fund now owns 167,249 shares of the company’s stock worth $1,355,000 after purchasing an additional 156,086 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of CorMedix by 8.2% during the fourth quarter. Bank of New York Mellon Corp now owns 129,695 shares of the company’s stock valued at $1,051,000 after purchasing an additional 9,782 shares in the last quarter. State Street Corp increased its holdings in CorMedix by 0.8% during the third quarter. State Street Corp now owns 1,225,756 shares of the company’s stock valued at $9,904,000 after buying an additional 10,204 shares during the period. Finally, AlphaQuest LLC bought a new position in CorMedix in the fourth quarter worth approximately $115,000. 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 analyst reports. Leerink Partners started coverage on shares of CorMedix in a report on Friday, March 7th. They set an “outperform” rating and a $18.00 price objective for the company. Royal Bank of Canada lifted their price objective on CorMedix from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. D. Boral Capital reissued a “buy” rating and issued a $15.00 price objective on shares of CorMedix in a research note on Tuesday. Finally, Leerink Partnrs upgraded CorMedix to a “strong-buy” rating in a research report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, CorMedix presently has a consensus rating of “Moderate Buy” and an average price target of $16.00.

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.