Cormedix: Near-Term Reimbursement Headwinds but Compelling Long-Term Upside Supports Buy Rating and $18 Target

H.C. Wainwright analyst Brandon Folkes maintained a Buy rating on Cormedix today and set a price target of $18.00.

Brandon Folkes has given his Buy rating due to a combination of factors tied to Cormedix’s evolving product and reimbursement outlook. He acknowledges that the transition of DefenCath from TDAPA to a post‑TDAPA add‑on in mid‑2026 will likely compress net pricing and weigh on revenue in the near term, but he views the sharp stock sell-off as potentially excessive relative to the company’s fundamentals. In his view, the investment narrative is shifting toward the upside from upcoming catalysts, particularly the Phase 3 prophylaxis trial for Rezzayo expected in the first half of 2026 and the planned DefenCath TPN study readout in late 2026 or early 2027, along with real‑world data that could support more durable DefenCath use.

At the same time, Folkes highlights that management has already demonstrated strong commercial execution with DefenCath under TDAPA, as evidenced by robust preliminary 2025 revenue and healthy year‑end cash, providing a solid financial base to navigate the reimbursement transition. He notes that guidance for 2026 still points to meaningful revenue and positive adjusted EBITDA, even with DefenCath sales skewed toward the first half of the year. Looking further out, he emphasizes that, assuming current CMS methodology holds, the 2027 add‑on payment for DefenCath could be several times higher than the 2H26 level, creating the potential for improved pricing and earnings power. Collectively, he sees these clinical, reimbursement, and financial dynamics as offering attractive risk‑reward from current levels, supporting his Buy rating and $18 price target.

According to TipRanks, Folkes is a 3-star analyst with an average return of 3.3% and a 42.64% success rate. Folkes covers the Healthcare sector, focusing on stocks such as MannKind, Omeros, and Milestone Pharmaceuticals.

In another report released today, Truist Financial also maintained a Buy rating on the stock with a $16.00 price target.