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

CorMedix Inc (NASDAQ:CRMD) was the recipient of unusually large options trading on Thursday. Stock investors acquired 2,471 call options on the stock. This represents an increase of 42% compared to the average volume of 1,736 call options.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Needham & Company LLC boosted their price target on CorMedix from $14.00 to $15.00 and gave the company a “buy” rating in a report on Monday, April 27th. Zacks Research lowered CorMedix from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of CorMedix in a report on Wednesday, January 21st. HC Wainwright lowered their price target on CorMedix from $18.00 to $13.00 and set a “buy” rating for the company in a report on Friday, January 23rd. Finally, Leerink Partners boosted their price target on CorMedix from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Tuesday, April 28th. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $15.00.

Institutional Investors Weigh In On CorMedix

Several large investors have recently bought and sold shares of the company. Deerfield Management Company L.P. acquired a new position in shares of CorMedix during the 3rd quarter valued at about $38,656,000. Marshall Wace LLP lifted its holdings in CorMedix by 34.6% in the third quarter. Marshall Wace LLP now owns 3,473,494 shares of the company’s stock valued at $40,397,000 after acquiring an additional 893,518 shares during the last quarter. UBS Group AG lifted its holdings in CorMedix by 295.3% in the third quarter. UBS Group AG now owns 1,090,908 shares of the company’s stock valued at $12,687,000 after acquiring an additional 814,964 shares during the last quarter. Jump Financial LLC acquired a new position in CorMedix in the third quarter valued at approximately $9,003,000. Finally, Goldman Sachs Group Inc. lifted its holdings in CorMedix by 259.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 828,781 shares of the company’s stock valued at $9,639,000 after acquiring an additional 597,971 shares during the last quarter. 34.18% of the stock is currently owned by hedge funds and other institutional investors.

CorMedix Stock Performance

Shares of NASDAQ:CRMD traded up $0.54 during trading on Thursday, hitting $8.04. The stock had a trading volume of 2,721,389 shares, compared to its average volume of 1,991,346. CorMedix has a 12-month low of $6.13 and a 12-month high of $17.43. The stock has a market capitalization of $630.27 million, a price-to-earnings ratio of 4.01 and a beta of 1.46. The company has a quick ratio of 1.94, a current ratio of 2.11 and a debt-to-equity ratio of 0.36. The stock has a 50-day simple moving average of $7.07 and a two-hundred day simple moving average of $8.69.

CorMedix (NASDAQ:CRMD) last announced its quarterly earnings data on Thursday, May 14th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.08. CorMedix had a return on equity of 52.30% and a net margin of 52.31%.The firm had revenue of $127.43 million during the quarter, compared to analysts’ expectations of $104.96 million. During the same period last year, the business posted $0.30 earnings per share. The company’s revenue for the quarter was up 226.1% compared to the same quarter last year. On average, equities research analysts expect that CorMedix will post 0.44 earnings per share for the current fiscal year.

CorMedix declared that its Board of Directors has authorized a stock buyback plan on Monday, February 2nd that allows the company to repurchase $75.00 million in shares. This repurchase authorization allows the company to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

About CorMedix

CorMedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to reduce inflammation and prevent infection in critically and chronically ill patient populations. The company’s lead product candidate, Neutrolin, is a catheter lock solution that combines taurolidine, heparin and citrate to prevent catheter-related bloodstream infections (CRBSIs) in patients undergoing hemodialysis. Neutrolin has received market authorization in the European Union under the CE Mark and is positioned to address a significant unmet medical need for infection prevention in dialysis centers.

In addition to its lead asset, CorMedix is advancing a biochemical portfolio aimed at mitigating complications associated with peritoneal dialysis and other high-risk procedures.