CorMedix Inc (CRMD)

Don't disagree with anything you posted, only that even if all that comes to pass, I am concerned that we may not see the stock price react upwards for an extended period of time. In other words, is our money just sitting here for the next year or two, missing other opportunities? Or will the market see the error in its ways and rerate the stock price sooner?

“DefenCath continues to exceed expectations despite pending TDAPA expiration.”
Real-world clinical practice often extends beyond reimbursement mechanics. Once physicians observe improved outcomes in patients already benefiting from therapy, discontinuation becomes a clinical decision, not merely a reimbursement one.
If post-TDAPA utilization stabilizes even in the $80-85M per quarter range, the recently raised 2026 guidance of $325-345M in revenue and $115/135M in adjusted EBITDA could prove conservative.
Additional upside may also come from label expansion, including the ongoing Phase 3 study in TPN patients, currently trending toward completion in 2028, although efforts are underway to improve the enrollment trajectory.

That, of course is the big question. I am not well enough versed as to whether there are examples where a great drug loses TDAPA coverage and still manages to do well. It is interesting that the market is severely discounting the TDAPA expiration, whereas a number of analysts (of course we know analysts sometimes put targets for other reasons) do not think that the TDAPA expiration will hurt revenues as much as the market projects. I am concerned though that even if revenues surprise in 2H2026 and 2027 that the stock price will not rebound until after the market sees those better than projected revenues. Anyway this is what AI has to say about it:

Yes, the market has heavily discounted the TDAPA termination, which largely explains why CorMedix stock (CRMD) trades at a depressed valuation despite stellar operational growth. The stock collapsed 35.9% year-to-date from
$12.16 down to $??.????, reflecting aggressive de-risking by institutional investors ahead of the June 30, 2026 cliff.

While the business is performing exceptionally well on paper, a deep division has emerged between conservative market pricing and bullish Wall Street analysts.
The Valuation Disconnect (Why the Stock is Compressed)
The market is pricing CorMedix like a "value trap" due to the uncertainty surrounding the post-TDAPA bundled payment system.

AOL.com
+1
Abnormally Low Multiple: CRMD currently trades at an incredibly compressed trailing Price-to-Earnings (P/E) ratio of 3.7x. For a commercial-stage biopharma company growing revenue at this pace, such a low multiple typically signals that the market views current earnings as a temporary "peak" that will normalize downward.
Extreme Revenue Decline Priced In: Bearish market models are factoring in a massive sequential revenue decline for DefenCath in H2 2026. Some extreme short-term projections estimate up to an 80% sequential drop in net selling price per unit during the Q3 and Q4 transition window as price erosion takes hold.

Seeking Alpha
+2
Wall Street Analysts Disagree with the Discount
While the broader market has sold off the stock to price in a worst-case reimbursement scenario, Wall Street equities analysts view this discount as heavily overdone.
Aggressive Price Targets: The consensus analyst rating remains a Moderate Buy with a consensus 12-month price target of
$????.????. This represents a 91.2% predicted upside from the current trading price.
RBC Capital Leading the Bulls: Major institutional analysts, such as Leonid Timashev at Royal Bank of Canada, recently raised their price target from
$13.00 to $????.???? following the Q1 earnings call, completely looking past the TDAPA noise.
Management's Pushback: A Temporary Trough, Not a Collapse
CorMedix leadership explicitly outlined to investors that the market's panic over H2 2026 ignores the structural reality of how CMS add-on frameworks function.
The 2026 "Trough" Narrative: Management defines late 2026 as a temporary financial trough. They are intentionally sacrificing short-term price margins to aggressively protect and grow patient utilization volumes.
The 2027 Stable Baseline: The strategic goal is to enter 2027 with massive market share. By 2027, CMS is expected to establish a highly stable, predictable post-TDAPA add-on payment structure.
No Dilution Risk: CorMedix is well-positioned to ride out this transition period because it holds
$?????? million in cash on its balance sheet. This cash runway allows them to fully fund their pipeline—including the upcoming REZZAYO sNDA submission and ongoing clinical trials—without needing to dilute shareholders at these lower stock prices

CorMedix Shares Jump After Revenue Beat and Higher Full-Year GuidanceMay 14, 2026 10:06 AM
IH Market News CorMedix Therapeutics (NASDAQ:CRMD) shares surged 8% in premarket trading Thursday after the company raised its full-year outlook despite reporting quarterly earnings slightly below analyst expectations. Revenue Surges More Than 200% Year-on-Year CorMedix posted adjusted earnings per share of $0.43 for the first quarter, narrowly missing analyst expectations of $0.45 by $0.02.Revenue reached $127.4 million, comfortably ahead of the consensus estimate of $105.02 million.The result represented a 226% increase compared with $39.1 million in the same quarter last year. Company Raises Full-Year Forecasts CorMedix increased its full-year 2026 revenue guidance to a range of $325 million to $345 million.The midpoint of the updated forecast, at $335 million, exceeded analyst expectations of $308.2 million.The company also lifted its adjusted EBITDA guidance for the year to between $115 million and $135 million. DefenCath Continues to Drive Growth Sales of DefenCath contributed $97.5 million in net revenue during the quarter.CorMedix said the increase was supported by stronger utilization among outpatient dialysis customers, as well as a one-time favorable adjustment of $9.0 million related to sales allowances.Revenue from the recently acquired Melinta portfolio totaled $29.9 million during the period.The company reported net income of $38.6 million and adjusted EBITDA of $70.0 million for the quarter. CEO Says Business Momentum Remains Strong Chairman and chief executive Joseph Todisco said the company entered 2026 with strong operational momentum.“CorMedix has entered 2026 with strong momentum across all areas of our business,” Todisco said. “DefenCath continues to exceed expectations despite pending TDAPA expiration and demonstrates strong underlying utilization demand.” Positive Clinical Trial Results Support Expansion Plans The company also announced positive Phase III topline results from the ReSPECT clinical trial evaluating REZZAYO for the prevention of invasive fungal diseases.CorMedix said it plans to submit a supplemental New Drug Application during the second half of 2026, targeting a potential commercial launch for the expanded indication in 2027. Expenses Increase Following Melinta Acquisition Cash and short-term investments totaled $178.1 million as of March 31, 2026.Total operating expenses rose 139% year-on-year to $41.5 million, primarily due to costs associated with the Melinta acquisition.CorMedix stock price Original: CorMedix Shares Jump After Revenue Beat and Higher Full-Year Guidance

MC 637 M
$178M cash
The company raised its full-year 2026 revenue guidance to a conservative range of $325M to $345M and adjusted EBITDA guidance to $115M to $135M.
Q1 also demonstrated exceptional operating leverage: $70M of adjusted EBITDA on $127M of revenue (55% margin).
Pipeline upside remains meaningful: REZZAYO® (positive Phase 3; sNDA H2 2026; potential launch 2027) and the ongoing Phase 3 taurolidine/heparin TPN study (completion targeted 2028, with acceleration efforts underway) provide additional long-term growth optionality beyond the core dialysis business.

“DefenCath continues to exceed expectations despite pending TDAPA expiration.”

Real-world clinical practice often extends beyond reimbursement mechanics. Once physicians see improved outcomes and reduced complications in patients already benefiting from therapy, discontinuation becomes a clinical judgment—not merely a reimbursement decision.
If post-TDAPA utilization does not materially decline and quarterly revenue stabilizes even in the $80–85 million range, the recently raised 2026 revenue and adjusted EBITDA guidance could prove conservative, reinforcing that sustained clinical adoption — not reimbursement alone — is driving demand.

To what extent can real-world clinical practice drive adoption beyond reimbursement dynamics? If physicians know that removing a therapy leads to worse patient outcomes—especially in patients who have already benefited—doesn’t that make it difficult to view reimbursement as the primary decision driver?

What is defencat annual rev for 2026 m 2027?  I think you see a major growthrev decline beyond.  That is why the stock is down.

I based that on other positive moves CRMD made. I feel CRMD hit bottom today at $6.13 and should move up nicely into and beyond 2026 especially with the accusation of the Melinta portfolio, which added to cost reported in 2025

Recent Corporate Highlights:

? CorMedix announces $128.6 million of net revenue for the fourth quarter of 2025, largely driven by continued utilization of DefenCath by its outpatient dialysis customers. DefenCath sales contributed $91.2 million of net revenue in the quarter.

? For the full-year 2025, CorMedix achieved total revenue of $311.7 million and pro forma total revenue of $401.3 million.(1)

? In the fourth quarter of 2025, the Company recognized Net Income of $14.0 million and adjusted EBITDA of $77.2 million.(2) Basic and Fully Diluted EPS were $0.18 and $0.16 per share, respectively.

? CorMedix reiterates previously established guidance for 2026, including net revenue of between $300 and $320 million and adjusted EBITDA of between $100 and $125 million.

? CorMedix announced in early February that its Board of Directors approved a share repurchase program, which authorizes the Company to repurchase up to $75 million of the Company’s outstanding common stock.

? As highlighted during the Company’s recent Analyst Day, CorMedix expects clinical data from the Phase 3 ReSPECT study of REZZAYO® (rezafungin for injection) in the prophylaxis of invasive fungal infections in adult patients undergoing allogeneic blood and marrow transplant in Q2 2026. In addition, the ongoing Phase 3 study of taurolidine/heparin catheter lock solution in TPN patients continues to enroll patients with targeted completion in the first half of 2027.

? Cash and short-term investments, excluding restricted cash, at December 31, 2025 amounted to $148.5 million.

For the year ended December 31, 2025, CorMedix recorded $311.7 million in total revenue, including $258.8 million in net sales of DefenCath and $52.9 million in net revenue from the legacy Melinta portfolio. Pro forma 2025 revenue, which reflects full-year revenue from the Melinta portfolio in addition to full-year net sales of DefenCath, was $401.3 million. The Company reported net income of $163.0 million, or $2.04 per diluted share, compared with a net loss of $17.9 million, or ($0.30) per share, in 2024. Net income was driven primarily by an increase in sales of DefenCath, and, to a lesser extent, net revenue from the acquisition of Melinta, partially offset by higher operating expenses.

Operating expenses during the year ended December 31, 2025 totaled $125.6 million compared with $62.6 million for 2024, an increase of $63.0 million, or 101%. The increase over the prior year was driven primarily by the acquisition of Melinta, including the contribution of operating expenses from Melinta’s business for the period from August 29, 2025 through the end of the year as well as transaction, integration and severance costs. Other drivers of the year-over-year increase include stock-based compensation and investment in research and development programs associated with expanded indications for DefenCath, including the Phase III clinical study for prevention of CLABSI in TPN.

So what’s the guidance?  Isn’t that the problem declining rev annually going forward.

Let them fire off their last few firecrackers. After that, it’s our turn.

I show CRMD very oversold and below all supports. I expect it to move up from the $6.20 as this next year guidance looks much better going forward.

I added little, I'm keeping something maybe they wanted to lower it more!

Solid results for a company with a surprisingly small market cap.
CorMedix reported a very strong Q4 and full-year 2025, driven primarily by continued uptake of DefenCath.
Revenue growth driven by DefenCath: Q4 net revenue reached $128.6 million, including $91.2 million from DefenCath and $37.4 million from the Melinta portfolio.
For FY 2025, total revenue was $311.7 million, with $258.8 million coming from DefenCath, confirming the product as a strong commercial driver.
Highly profitable operations: Despite increased operating expenses, the company generated Q4 net income of $14.0 million (EPS $0.16) and adjusted EBITDA of $77.2 million.
For the full year, net income reached $163.0 million (EPS $2.04), a remarkable level of profitability for a company still early in its commercial ramp.
Strong balance sheet: CorMedix ended 2025 with $148.5 million in cash and short-term investments, providing financial flexibility to support commercialization and pipeline development.
Shareholder returns already starting: The board approved a share repurchase program of up to $75 million, signaling management confidence in the company’s valuation and cash generation.
Pipeline catalysts ahead: Additional value could come from ongoing clinical programs, including:
• Phase 3 ReSPECT data for REZZAYO prophylaxis expected in Q2 2026
• Continued enrollment in the Phase 3 taurolidine/heparin catheter lock study in TPN patients, targeting completion in H1 2027
Stable outlook for 2026: The company reiterated 2026 revenue guidance of $300–320 million and adjusted EBITDA of $100–125 million, indicating expectations for sustained profitability.
Bottom line: With over $300 million in annual revenue, strong profitability, meaningful cash reserves, and a share buyback program, it is notable that CorMedix currently trades at a market capitalization of only about $570 million—a valuation that appears modest relative to its earnings power and growth potential.

Full-year 2025 financial results before the market opens on March 5, 2026

With a strong balance sheet, solid operating performance, and expected ongoing cash flow generation, we believe we are well positioned to execute this share repurchase program while continuing to advance our growth strategy...... maybe now it makes more sense

Yes he got 133K more shares at no cost - I would love that same deal. If one looks at all the insider sells there is no doubt they used inside info for their greed and profits. I do see one law firms is investigating those inside moves before lowering their estimated earning.

I do feel CRMD is oversold and have been aggressively buying more through STO PUT options all Feb & March $8-10 strike price and picking up huge premiums$$

Looks like CMO picked up 133K shares on Jan. 8.

Guidance 2026 = baseline
Outpatient = free upside
took a handful

wow, what a blood bath

Some changes taking place for CRMD since I sold:
-recently announced good earnings, helped liff the share price
-then just about a week ago, announced a new major customer signed o
spiked the share price up above $17, justified mind you
-share price was just selling off after this latest PR when
they just announced a 6 Mil + share offering @ 12.66 or so per share
to raise $85 Million.

This hit the share price hard, drove it to less than $12.60 in a $2.45 DROP
this morn..

So, decided given the revenue growth trend, earnings growth, new customer
and the hit to the share price, to take advantage of the hit this morn.

New positions at sub $12.6.. Only looking for $15, but also once the share
price starts to smooth out, selling pressure stops? May start selling covered
calls...

We just sold all of our CRMD positions on the move up. Not what I wanted to
do. But that huge short position just won't go away.

And did take a small PUT position that expires on Mays OE day.

At some point the shorts are going to have to cover, and another item of
interest is the LACK of institutional share holding. The damn number had been
stuck around 32% for months. Now up to only 37-39% as of 4/15.

I have no idea with respect to the lack of institutional holdings for a company
who's gone earnings positive, no debt and accumulating cash.

Finally tired of watching it run up and back down and NOT achieving its potential share price
reflective of its growth profile.

So sold out, and now hoping it gets dumped hard so that I can get some more shares and
see if a run up can take place.

Unfricking real..

CRMD 10 day chart

Very good conference call. Going to be interesting to see if the
anal-ysts upgrade their target price.

And heck, with $70 Mil plus in the bank? Too bad they didn't announce a
few million share buyback to spook the 8 Million shares short. (smile)

So the big question is now, have they shaken off the huge short share count that kept showing
up on Yahoos Finance page for a many months.. IE, is it free to reflect what the business is
actually doing and get a share price reflective of it. TBD'd

A pretty good investment call with Needham.. Worth listening to from April 8th.
My take away is that I expected the end users would be actively pursuing the use of
CRMDs development cause it can save lives, save money if a CBRSI is prevented.
But it appears the uptick is slower than I was expecting and might be due to the end
users wondering if it really does what they say it can do. IE, a bit of caution involved.
CEO says that he expects as some adopt and the word gets out its 'working' as advertised,
it will lead to others (reluctance/hesitancy) to adopt as well.
Anyways, given the potential growth trajectory, this is looking like a much longer hold than
I was planning on doing (you ever get one that you take profits on too early?? and miss out
on a lot more if you had just been patient to let it play out??)

https://wsw.com/webcast/needham146/crmd/2238926

1. Outbreaks Linked to Dialysis and Catheters
Dialysis:
A 2022 CDC report documented a C. auris outbreak in a Texas dialysis center, where infections spread among patients using central venous catheters. The primary cause was traced to failure to follow sterilization protocols.
Dialysis patients are high-risk due to frequent use of invasive devices (e.g., catheters) and weakened immune systems from chronic kidney disease.

Catheters:
A 2020 study in Clinical Infectious Diseases found that 40% of U.S. C. auris infections were linked to invasive devices like central venous catheters or urinary devices.
A deadly 2019 outbreak in a Brooklyn, NY, ICU involved C. auris transmission via catheters and ventilators, resulting in 5 deaths.

2. Documented Legal Disputes
Illinois (2018): A patient died after contracting C. auris via a contaminated catheter. The family sued the clinic for negligent equipment hygiene.
New Jersey (2020): A long-term care facility faced a lawsuit after a dialysis patient developed C. auris from a non-sterile catheter. The case settled out of court.
California (2021): A healthcare facility confronted a class-action lawsuit over an outbreak tied to unsafe reuse of medical devices, including dialysis catheters.

3. Regulatory Actions
Florida (2021): A dialysis center was fined by CMS for violating infection-control standards after a C. auris outbreak.
The CDC issued updated guidelines for catheter management in high-risk patients, referencing failures in dialysis facilities.

6,38

https://www.thegatewaypundit.com/2025/03/cdc-sounds-alarm-hospital-workers-struggle-contain-urgent/

CANDIDA AURIS article

I figured long ago as a premise as to WHY it would gain
market share vs the lesser heparin was for this very reason:

you have a product that demonstrates it can reduce the chance of
a life threatening condition, you are going to want to reduce your odds
of lawsuits for....

Too bad there aren't lawsuits filed against shortsellers, hedge funds that use
their wealth to manipulate share prices..

Especially in a company like this one that has just had their first profitable qtr.
The share price should have been running except for the 2 hits it took that morn,
one in the pre and one on the open.

These lawyers should file class actions against hospitals!
Joe raises the price, you exploit the fears of those who have to decide the purchase!
If a patient develops a severe infection or dies, and it is discovered that a better solution existed but was not adopted, a lawsuit is not only possible but likely. In the United States, civil justice is quick to hold accountable those who fail to provide the best possible care, and settlements can be enormous.

In the U.S., every healthcare provider is well aware that effective tools exist to prevent infections. Given this awareness, it should be a patient’s right—and a healthcare system’s duty—to ensure access to the best available protection.

In the U.S., the concept of standard of care is crucial: if it is proven that a facility provided care below the generally accepted medical standards, it opens the door to a lawsuit.

Costs and damages for the patient ? A severe infection can lead to:
Longer hospital stays
Permanent damage
Loss of income
Additional medical expenses
Death

If a product (such as DefenCath) exists that reduces the risk of infections but was not used, a lawyer could argue that the hospital put the patient’s life at risk for financial reasons.

I would love to see a merge with EPIX! They are the right ones, they don't know what to develop and there is a lot to develop here!

science is good! I hope they can cover themselves well and quickly so they stop being a pain in the ass!

Candida auris is an emerging fungus that represents a serious global public health threat due to its resistance to multiple antifungal drugs and its ability to cause outbreaks in healthcare settings. First identified in Japan in 2009, it has rapidly spread internationally, with cases reported in numerous countries, including Italy.

The market for treatments targeting Candida auris infections is growing, reflecting the increasing incidence of infections and the need for effective therapies. According to a report, the global market for Candida auris infection treatment was valued at $1.01 billion in 2023 and is projected to reach $2.0 billion by 2032. This growth is attributed to the rising awareness of Candida auris infections and the increasing number of cases in healthcare settings, which drive demand for more effective diagnostic and therapeutic solutions.
— Market Research Future

Furthermore, the broader candidiasis therapeutics market, which includes treatments for various Candida infections, was valued at $4.5 billion in 2022 and is expected to reach $6.8 billion by 2030, with a compound annual growth rate (CAGR) of 5.5% from 2024 to 2030. This indicates a growing investment in the development of new antifungal agents and innovative therapies to combat Candida infections, including Candida auris.

OK, been around CRMD since around 2016.. This
reminds me of some chatter about them possibly pursuing a
cancer development, but it fell off my radar because of the focus on
the cath development.

Thanks for reminding me. Whats also interesting on their website?
No pipeline, no mention of their other developments. Focus is purely on
this effort to get Defencath adopted. They used to mention a few other
things like pursuing the oncology sector (caths).
Guessing that once their current effort starts to take on a life of tis own??

We may start to hear more from them such as the TPN effort thats about to start.

But anyways, this reminded me of somethings from 2018/2019 timeframe that I long
forgot about.

https://cormedix.com/cormedix-announces-publication-taurolidine-pre-clinical-oncology-data-investigational-new-drugs-journal/

https://cormedix.com/cormedix-inc-granted-orphan-drug-designation-taurolidine-treatment-neuroblastoma/?utm_source=chatgpt.com

First I have heard of the link to a possible cancer treatment.

I know they want to expand their use to caths in the oncology arena.

But this is really interesting news.

Got a link to it by chance. Thanks.

Taurolidine was originally developed to prevent infections. Today, it’s showing signs of antitumor activity.

Preclinical studies suggest it could act on MYC-driven tumors — neuroblastoma, lung, ovarian, lymphoma — among the most difficult to treat.

Developing these kinds of therapies is expensive. Very expensive.
But the potential is massive — and not just for investors. It's in everyone’s interest that promising molecules don’t get stuck halfway.
We must give things their proper value: this is good science, but it requires time, capital, and strategic vision.
And CorMedix has that vision. While looking ahead to oncology, it’s already building a cash-generating engine in the present.
DefenCath, a non-antibiotic solution based on taurolidine and heparin, is already FDA-approved for preventing catheter-related infections in dialysis patients.

The numbers?
$43 million in 2024 revenue, EBITDA > $12 million
Zero debt, $52 million cash
Price: $249 per vial
Contracts in place with 4 of the 5 largest U.S. dialysis providers
CMS reimbursement secured (TDAPA and NTAP)

In short, they’re self-funding.
And they’re expanding DefenCath into TPN, pediatrics, and oncology.
Once economies of scale kick in, this won’t be just a small biotech. It’ll be a case study.
The potential is huge. So is the strategy.
Time will tell who saw it early —
and hopefully, the shorts will cover before it's too late.

??? If you are talking selling CRMD for more TNXP? Nope, going to let this
playout. That earnings report was too good for what just happened. I still
suspect is a major short covering day is underway. Yahoo had somewhere
around 7 Mil shares short.. CRMD is at 15 Mil shares traded so far today.
Willing to bet the short count dropped 'some', and some of them are now
positioned 'long' for a rebound.

Some TNXP for CRMD? I really should consider some, only TNXP is a
longer term prospect for me.

sometimes its best to sit tight and let things settle down. And see what it 'gives'..

did you make the switch?

Should turn out to be a good buy with time.

Had a meeting this morn, just getting free.

But when I saw the premarket, warned someone that it looks
like a classic takedown was in the works for this morn..

Yahoo was still showing a heavy short position, this report
was POSITIVE, new target price is $18 (3/5 if I remember the date right)

and so a thinking the shorts had no choice but to hammer it this morn, scare
new buyers away. But its pretty clear now, the company has turned the corner
and its going to get harder to keep this hidden from the market. So expect to see
the short position slowly closed down while they try to hold the share price down.

Given that, yeah, think a buy now should be good for at least a 50% return, and if
the ones that have been screwing around with the share price ever stop?? Be nice to
see that $18 target price.

disclaimer: temped to sell 1/10th of my TNXP for some more shares but won't till
I see 'life' in CRMDs chart..

https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250318:nGNX7GcVsx&default-theme=true

I added a little!

Institutional holding % has actually (IF yahoos finance data is accurate)
increased from a long stagnant 32% to 40%..

Thats nice to see, long overdue and still wondering WHY its taken so long, WHY the
bigger players have left it alone while the reported short position remains high..

Even this morn, someone 'nailed' it right out of the gate..

Thought the earnings release was for 18 March, but now can't find
any PR on the date...

I wouldn't be surprised if someone ate it!

Blackrock reported to control 7.5% of the shares..

a 13G was filed on 5 Feb 2025.. Nice to see...

Can find it on CRMDs website under SEC filings..

Going to be interesting to see what it does when it releases its earnings/update.

(doesn't look like they have given a date yet for it) (last time they 'announced' on the 23rd

of Oct, then released on the 30th.. IF they follow that 'pattern'?? Maybe we hear something

this week?? Be nice to keep the chart from losing momentum, rolling over..

For there is still 7 Million shares reportedly SHORTED (over 10% of the outstanding).

Been tracking this number for many months now and it refuses to budge towards 5% for example.

And I can't come up with a good reason WHY it refuses to come down. Or WHY they are holding onto

a heavy short position. Although I suspect its because when things are 'quiet', they can easily hit it

when demand is weak, ak, how it got taken down to $8 for example.. Which they might be getting ready

to do now given the earnings isn't expected till?? (momentum/trend line rolling over, slight negative slope now)
 
Disclaimer: already sold around 1/2 of my shares on the first run up, but didn't get 'all' of that move..

CRMD 1 yr

Recent surprise update was nice to get and it was a good one.
Gave the share price some support.. Max Pain for Jan 17s OE
day is $9. While its not the 'serious' PAIN like
say TSLA has this month, it may (along with the bio sector under
pressure, see iBB, XBI) be helping to mute the markets response
to the recent news.

Disclaimer: sold Fridays $12 strike price covered calls on some of my shares. Made a
few thousand off of it. Would have sold CCs on all of my shares but the option market decided
to drop the price they were offering..

New contract announced yesterday. Wall Street reportedly
as of 8/15 is DOWN to 30% of the shares held by the
institutional players (down from 33% or so).
Tracking this number to see cause without WS
pushing the shares, buying the shares themselves, this
could be a rough ride to higher numbers.
For normally, an announcement like this would be at least
a 'minor' pop in the share price..