CorMedix price target raised to $20 from $15 at Needham

Needham raised the firm’s price target on CorMedix (CRMD) to $20 from $15 and keeps a Buy rating on the shares. The company provided a DefenCath commercial update to announce that the contracted large dialysis organization began ordering product and is now targeting over 6,000 patients versus the prior 4,000 target, the analyst tells investors in a research note. The firm had expected product orders by mid-2025, but says the much larger patient target “represents significant upside to prior expectations.” Increased DefenCath usage is key for transitional drug add-on payment adjustment reimbursement, given that starting in July 2026, the add-on payment adjustment will be based on the prior year total of DefenCath expenditures divided by total dialysis treatments, contends Needham.