CorMedix Sees Unusually Large Options Volume (NASDAQ:CRMD)

CorMedix Inc. (NASDAQ:CRMD) was the target of some unusual options trading activity on Tuesday. Stock traders bought 4,076 call options on the stock. This is an increase of 170% compared to the average daily volume of 1,508 call options.

CorMedix Stock Performance

Shares of CRMD opened at $7.34 on Wednesday. The stock has a 50-day moving average of $10.76 and a two-hundred 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 one year low of $3.61 and a one year high of $13.85.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Tuesday, March 25th. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.05. The firm had revenue of $30.00 million during the quarter, compared to analysts’ expectations of $27.46 million. The company’s quarterly revenue was up 29900.0% compared to the same quarter last year. Analysts predict that CorMedix will post -0.32 EPS for the current fiscal year.

Institutional Trading of CorMedix

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Elliott Investment Management L.P. boosted its holdings in CorMedix by 85.1% in the fourth quarter. Elliott Investment Management L.P. now owns 2,870,632 shares of the company’s stock valued at $23,252,000 after purchasing an additional 1,320,109 shares during the last quarter. Palisades Investment Partners LLC acquired a new position in shares of CorMedix in the 4th quarter valued at about $2,949,000. J. Goldman & Co LP boosted its stake in shares of CorMedix by 221.1% in the fourth quarter. J. Goldman & Co LP now owns 457,320 shares of the company’s stock worth $3,704,000 after buying an additional 314,880 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of CorMedix by 10.1% in the fourth quarter. Vanguard Group Inc. now owns 3,378,191 shares of the company’s stock worth $27,363,000 after buying an additional 309,514 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in CorMedix by 685.5% during the third quarter. JPMorgan Chase & Co. now owns 194,108 shares of the company’s stock worth $1,568,000 after acquiring an additional 169,397 shares during the period. Institutional investors and hedge funds own 34.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CRMD shares. Leerink Partnrs raised shares of CorMedix to a “strong-buy” rating in a research report on Friday, March 7th. D. Boral Capital reiterated a “buy” rating and set a $15.00 price objective on shares of CorMedix in a report on Tuesday. Royal Bank of Canada upped their target price on CorMedix from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. Finally, Leerink Partners began coverage on CorMedix in a report on Friday, March 7th. They issued an “outperform” rating and a $18.00 price target for the company. One equities research 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $16.00.

CorMedix Company Profile

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.