CorMedix initiated with an Outperform at Leerink

Leerink analyst Roanna Ruiz initiated coverage of CorMedix (CRMD) with an Outperform rating and $18 price target The firm believes the company’s lead product DefenCath represents a significant advancement in catheter-related bloodstream infection prevention with demonstrated up to 70% reduction in infection rates, positioning it well to address a critical unmet need in hemodialysis patients. Leerink forecasts about $370M peak non-risk adjusted sales for its current indication in 2028. Further, robust gross margins, early favorable TDAPA and NTAP reimbursement in outpatient and inpatient settings, and a possible uptake boost from a real-world evidence study on hospitalization and mortality rates could support durable DefenCath revenue generation. Multiple label expansion opportunities could at least double DefenCath’s addressable market, Leerink adds.