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

CorMedix Inc. (NASDAQ:CRMD) was the target of unusually large options trading on Wednesday. Traders purchased 4,771 call options on the company. This is an increase of approximately 790% compared to the typical daily volume of 536 call options.

CorMedix Stock Performance

Shares of NASDAQ CRMD opened at $3.33 on Thursday. The company has a market cap of $182.50 million, a PE ratio of -3.87 and a beta of 1.98. The business has a 50-day simple moving average of $3.48 and a two-hundred day simple moving average of $4.16. CorMedix has a fifty-two week low of $2.57 and a fifty-two week high of $6.09.

Insider Transactions at CorMedix

In other news, CEO Joseph Todisco purchased 10,000 shares of the company’s stock in a transaction dated Friday, September 8th. The shares were acquired at an average price of $3.71 per share, with a total value of $37,100.00. Following the transaction, the chief executive officer now owns 219,726 shares of the company’s stock, valued at $815,183.46. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 4.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of CorMedix by 323.6% in the second quarter. BlackRock Inc. now owns 2,724,697 shares of the company’s stock worth $10,803,000 after purchasing an additional 2,081,542 shares during the last quarter. Nomura Holdings Inc. raised its stake in shares of CorMedix by 20.0% in the first quarter. Nomura Holdings Inc. now owns 2,403,886 shares of the company’s stock worth $13,393,000 after purchasing an additional 400,274 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of CorMedix by 8.5% in the third quarter. Vanguard Group Inc. now owns 1,796,506 shares of the company’s stock worth $5,084,000 after purchasing an additional 141,500 shares during the last quarter. Marshall Wace LLP raised its stake in shares of CorMedix by 614.4% in the second quarter. Marshall Wace LLP now owns 1,438,878 shares of the company’s stock worth $5,698,000 after purchasing an additional 1,237,479 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of CorMedix by 127.6% in the second quarter. Geode Capital Management LLC now owns 851,064 shares of the company’s stock worth $3,374,000 after purchasing an additional 477,084 shares during the last quarter. 35.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CRMD shares. Needham & Company LLC dropped their price objective on CorMedix from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday. JMP Securities reissued a “market outperform” rating and issued a $19.00 price target on shares of CorMedix in a report on Wednesday. Royal Bank of Canada raised their price target on CorMedix from $6.00 to $10.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Truist Financial reissued a “buy” rating and issued a $18.00 price target on shares of CorMedix in a report on Wednesday. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.25.

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 and internationally. Its lead product candidate is DefenCath and Neutrolin, a novel anti-infective solution for the reduction and prevention of catheter-related infections and thrombosis in patients requiring central venous catheters in clinical settings, such as hemodialysis, total parenteral nutrition, and oncology.