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

CorMedix Inc. (NASDAQ:CRMD - Get Free Report) was the recipient of unusually large options trading activity on Tuesday. Investors acquired 4,076 call options on the stock. This is an increase of approximately 170% compared to the typical volume of 1,508 call options.

CorMedix Stock Performance

CRMD stock traded up $0.03 during trading on Friday, reaching $6.74. The company had a trading volume of 2,200,677 shares, compared to its average volume of 986,539. CorMedix has a twelve month low of $3.61 and a twelve month high of $13.85. The company has a market cap of $408.96 million, a price-to-earnings ratio of -8.32 and a beta of 1.53. The firm has a 50-day simple moving average of $10.43 and a 200-day simple moving average of $9.89.

CorMedix (NASDAQ:CRMD - Get Free Report) last posted its quarterly earnings data on Tuesday, March 25th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.17 by $0.05. The company had revenue of $30.00 million for the quarter, compared to analyst estimates of $27.46 million. The company's quarterly revenue was up 29900.0% compared to the same quarter last year. Sell-side analysts expect that CorMedix will post -0.32 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Leerink Partnrs raised shares of CorMedix to a "strong-buy" rating in a report on Friday, March 7th. Royal Bank of Canada reissued an "outperform" rating and issued a $12.00 price target on shares of CorMedix in a research report on Wednesday. D. Boral Capital reaffirmed a "buy" rating and set a $15.00 price objective on shares of CorMedix in a research report on Tuesday. Needham & Company LLC decreased their price target on shares of CorMedix from $18.00 to $12.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Leerink Partners assumed coverage on shares of CorMedix in a report on Friday, March 7th. They issued an "outperform" rating and a $18.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $15.14.

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Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of CorMedix by 10.1% during the fourth quarter. Vanguard Group Inc. now owns 3,378,191 shares of the company's stock worth $27,363,000 after purchasing an additional 309,514 shares during the period. Elliott Investment Management L.P. lifted its stake in CorMedix by 85.1% during the 4th quarter. Elliott Investment Management L.P. now owns 2,870,632 shares of the company's stock valued at $23,252,000 after acquiring an additional 1,320,109 shares during the period. Geode Capital Management LLC boosted its holdings in shares of CorMedix by 8.4% in the 4th quarter. Geode Capital Management LLC now owns 1,392,820 shares of the company's stock valued at $11,284,000 after acquiring an additional 108,356 shares during the last quarter. State Street Corp increased its stake in shares of CorMedix by 0.8% in the third quarter. State Street Corp now owns 1,225,756 shares of the company's stock worth $9,904,000 after acquiring an additional 10,204 shares during the period. Finally, Northern Trust Corp increased its stake in shares of CorMedix by 14.4% in the fourth quarter. Northern Trust Corp now owns 511,565 shares of the company's stock worth $4,144,000 after acquiring an additional 64,243 shares during the period. 34.18% of the stock is owned by institutional investors and hedge funds.

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.