Analyst Serge Belanger from Needham maintained a Buy rating on Cormedix and decreased the price target to $16.00 from $20.00.
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Serge Belanger has given his Buy rating due to a combination of factors that suggest potential growth for Cormedix. The company’s recent financial performance, with reported revenues of $104.3 million for the third quarter of 2025, aligns with expectations and indicates strong sales, particularly from DefenCath. Additionally, Cormedix has provided optimistic revenue guidance for the fourth quarter, projecting between $115 million and $135 million, and has increased its proforma revenue guidance for 2025.
Despite anticipated price compression for DefenCath in 2026, which could lead to temporary sales contractions, Belanger sees potential growth opportunities on the horizon. The upcoming phase 3 trial data for Rezzayo, Talphera, and TPN in 2026 could serve as significant growth catalysts. Although there is some uncertainty regarding future price levels for DefenCath, these upcoming developments contribute to the positive outlook and support the Buy rating, even as the price target has been adjusted to $16 to reflect these uncertainties.
Belanger covers the Healthcare sector, focusing on stocks such as Cormedix, Viridian Therapeutics, and Oculis Holding. According to TipRanks, Belanger has an average return of 8.4% and a 47.60% success rate on recommended stocks.