DefenCath’s Strong Clinical and Economic Profile Underpins Buy Rating Despite Anticipated 2026 Pricing Headwinds

Analyst Serge Belanger from Needham maintained a Buy rating on Cormedix and keeping the price target at $16.00.

Serge Belanger has given his Buy rating due to a combination of factors tied to DefenCath’s strong clinical and economic profile in the dialysis population. Interim real‑world evidence from roughly 7,000 patients shows that DefenCath use has led to a sharp decline in catheter‑related bloodstream infections and associated hospitalizations versus historical practice, closely mirroring the efficacy seen in the pivotal Phase 3 LOCK‑IT‑100 trial. This consistency between controlled clinical data and large‑scale real‑world outcomes reinforces confidence in DefenCath’s differentiated value and durability of benefit.

Moreover, the demonstrated reduction in infection‑related events suggests substantial potential savings for the healthcare system, particularly given the sizeable annual spending by CMS on infection costs in end‑stage renal disease patients. Belanger views these economic advantages as a foundation for broader adoption, especially as Cormedix uses the real‑world data to expand coverage and deepen penetration in the Medicare Advantage segment. While a steep price reset in mid‑2026 is expected to pressure revenue and margins in the following years, he believes that higher utilization, expanded access, and the product’s proven clinical benefit can offset part of this headwind over time, supporting a favorable long‑term risk‑reward profile for the stock.