Needham analyst Serge Belanger maintained a Buy rating on Cormedix today and set a price target of $20.00.
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Serge Belanger has given his Buy rating due to a combination of factors that highlight Cormedix’s strategic growth potential. The acquisition of Melinta Therapeutics, which brings a portfolio of hospital-based antibiotics and antifungals, is expected to significantly boost sales and offers a promising opportunity for label expansion. This move positions Cormedix to further engage in business development and product acquisitions within the hospital sector, diversifying its portfolio beyond its current offerings.
Despite some technical challenges and market reactions to guidance on DefenCath, the acquisition is seen as a positive step towards long-term growth. The anticipated sales increase from the newly acquired products and the strategic expansion into the hospital market underpin the Buy rating, with a price target set at $20, reflecting confidence in Cormedix’s future performance.
In another report released on July 25, Truist Financial also maintained a Buy rating on the stock with a $11.50 price target.