In a report released today, Serge Belanger from Needham maintained a Buy rating on Cormedix (CRMD – Research Report), with a price target of $15.00.
Serge Belanger has given his Buy rating due to a combination of factors that suggest strong future performance for Cormedix. The company’s first-quarter sales of DefenCath reached $39.1 million, marking a 25% increase from the previous quarter and aligning with their early-April sales forecast. This positive outcome, coupled with the company’s anticipation of achieving sales at the upper end of their guidance range for the first half of 2025, has contributed to a significant stock price increase despite a generally weak market.
Furthermore, the potential for additional revenue from a contracted large dialysis organization (LDO), expected to start ordering in mid-2025, presents a promising upside to the current sales guidance. Belanger also highlights the ongoing Phase 3 trial of DefenCath for total parenteral nutrition (TPN), which could lead to FDA approval by 2028, further enhancing the company’s revenue prospects. These factors collectively underpin the decision to maintain a Buy rating and raise the price target to $15.
In another report released today, Truist Financial also maintained a Buy rating on the stock with a $20.00 price target.