Buy Rating Maintained as Long-Term Rezzayo Upside Remains Underappreciated Despite Near-Term Weakness

Analyst Serge Belanger of Needham maintained a Buy rating on Cormedix, reducing the price target to $14.00.

Serge Belanger has given his Buy rating due to a combination of factors, including the view that the latest quarterly update was largely in line with prior disclosures and did not alter the fundamental outlook. He sees the upcoming Phase 3 ReSPECT trial data for Rezzayo in antifungal prophylaxis as a key catalyst, with the current share weakness appearing more related to unmet expectations for near-term sales color than to any change in long-term prospects.

Belanger modestly reduced his price target to $14 from $15 to reflect slightly higher operating expenses and minor model refinements, rather than any downgrade in confidence. Importantly, his valuation still excludes any upside from Rezzayo and Talphera ahead of pivotal 2026 readouts, implying that positive data could provide meaningful additional value beyond what is currently embedded in his Buy thesis.

In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $13.00 price target.

Based on the recent corporate insider activity of 52 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CRMD in relation to earlier this year.