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

CorMedix Inc (NASDAQ:CRMD) was the recipient of some unusual options trading on Thursday. Stock traders bought 2,471 call options on the company. This represents an increase of 42% compared to the typical daily volume of 1,736 call options.

Hedge Funds Weigh In On CorMedix

Several large investors have recently bought and sold shares of the business. Russell Investments Group Ltd. increased its holdings in CorMedix by 22.2% in the second quarter. Russell Investments Group Ltd. now owns 6,553 shares of the company’s stock valued at $81,000 after buying an additional 1,190 shares during the last quarter. Palisades Investment Partners LLC increased its holdings in CorMedix by 0.3% in the third quarter. Palisades Investment Partners LLC now owns 564,106 shares of the company’s stock valued at $6,561,000 after buying an additional 1,579 shares during the last quarter. Gryphon Financial Partners LLC increased its holdings in CorMedix by 6.3% in the first quarter. Gryphon Financial Partners LLC now owns 27,401 shares of the company’s stock valued at $186,000 after buying an additional 1,618 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in CorMedix by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,987 shares of the company’s stock valued at $222,000 after buying an additional 1,631 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in CorMedix by 6.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 27,540 shares of the company’s stock valued at $310,000 after buying an additional 1,707 shares during the last quarter. Hedge funds and other institutional investors own 34.18% of the company’s stock.

CorMedix Stock Up 7.1%

Shares of NASDAQ CRMD traded up $0.54 during mid-day trading on Thursday, hitting $8.04. The company had a trading volume of 2,721,389 shares, compared to its average volume of 1,991,346. The company has a market capitalization of $630.27 million, a PE ratio of 4.01 and a beta of 1.46. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.11 and a quick ratio of 1.94. CorMedix has a 1-year low of $6.13 and a 1-year high of $17.43. The business’s 50-day simple moving average is $7.07 and its 200 day simple moving average is $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, beating the consensus estimate of $0.35 by $0.08. The business had revenue of $127.43 million for the quarter, compared to analysts’ expectations of $104.96 million. CorMedix had a return on equity of 52.30% and a net margin of 52.31%.The company’s revenue for the quarter was up 226.1% compared to the same quarter last year. During the same period last year, the firm earned $0.30 earnings per share. On average, analysts predict that CorMedix will post 0.44 earnings per share for the current year.

CorMedix declared that its board has approved a stock repurchase plan on Monday, February 2nd that allows the company to repurchase $75.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 12.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts recently commented on CRMD shares. Citizens Jmp reiterated a “market outperform” rating and issued a $19.00 price objective on shares of CorMedix in a report on Tuesday, April 28th. HC Wainwright decreased their price target on CorMedix from $18.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, January 23rd. Needham & Company LLC upped their price target on CorMedix from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Royal Bank Of Canada restated an “outperform” rating and set a $14.00 price target (up from $13.00) on shares of CorMedix in a research note on Tuesday, April 28th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of CorMedix in a research note on Wednesday, January 21st. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.00.

CorMedix Company Profile

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.