Koru Medical downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst Jason Bednar downgraded Koru Medical (KRMD) to Neutral from Overweight with an unchanged price target of $4.50. The company’s execution “has unquestionably improved,” but the stock’s valuation is sitting near multi-year highs even off potentially higher revenue numbers, the analyst tells investors in a research note. The firm says Koru’s “loftier valuation” is making it “slightly more uneasy about other items,” including tougher compares for the U.S. subcutaneous immunoglobulin market, its limited gross margin upside in 2025 and 2026 due to geographic mix, and novel therapies revenue catalysts that look more weighted to 2026 and beyond. As such, Piper believes other stocks offer a superior risk/reward.