CorMedix downgraded to Hold from Buy at D. Boral Capital

D. Boral Capital downgraded CorMedix (CRMD) to Hold from Buy after CorMedix priced a public offering of 6.6M shares of common stock, raising gross proceeds of approximately $85M. While the firm says the fundraising meaningfully extends CorMedix’s cash runway, it also notes that its initial price target of $15.00 has largely been achieved and that incorporating the dilutive effect of the new share issuance would result in a revised target dropped by $2.00 to $13.00, so it is lowering its rating “based purely on valuation.”