Analyst Serge Belanger from Needham maintained a Buy rating on Cormedix and decreased the price target to $15.00 from $16.00.
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Serge Belanger has given his Buy rating due to a combination of factors tied to both current performance and future potential. He notes that while Cormedix’s preliminary fourth-quarter 2025 revenue came in just below market expectations, the key source of the stock’s recent decline is the company’s 2026 guidance, which aligns with his own forecasts but falls well short of consensus estimates that did not properly factor in the sharp TDAPA-related DefenCath revenue drop. In his view, the market’s negative reaction is disproportionate to the actual fundamentals, leading him to see the pullback as excessive rather than reflective of a deteriorating business outlook.
Belanger maintains a positive stance on the stock, reiterating his Buy rating and only slightly trimming his price target from $16 to $15 to incorporate modest adjustments to his financial model. He emphasizes that his current valuation is conservative, as it excludes any potential upside from pipeline assets Rezzayo and Talphera, both of which are expected to generate important data in the first half of 2026. This unaccounted optionality, combined with guidance that he views as realistic rather than disappointing, supports his belief that the shares are undervalued at current levels and offer attractive upside for investors.
Belanger covers the Healthcare sector, focusing on stocks such as Viridian Therapeutics, Cormedix, and Cytokinetics. According to TipRanks, Belanger has an average return of 13.5% and a 51.10% success rate on recommended stocks.
In another report released today, Truist Financial also maintained a Buy rating on the stock with a $16.00 price target.