Needham & Company Reiterates Buy Rating, $20 PT on CorMedix (CRMD), Sees Latest Developments Removing Some Overhang

Needham & Company analyst Serge Belanger reiterated a Buy rating and $20.00 price target on CorMedix (NASDAQ: CRMD), following the company's Q4 report.

The analyst comments: "CRMD reported 4Q21 financials and provided a corporate update. The co. recently reported the FDA acceptance of its DefenCath NDA resubmission and while it did not specify a PDUFA target action date, the timing of the resubmission and confirmation of a 6-mth review cycle implies a late-Aug PDUFA. The contract manufacturer has already been informed that an onsite inspection has been scheduled as part of the NDA review process. Separately, CRMD also recently announced the appointment of a new CEO who will join the co. in Mid-May. We view these two developments as important milestones to get the CRMD story back on track and remove some of the overhangs that have kept investors at bay and suppressed the company's valuation levels. We maintain our Buy rating and $20PT."

For an analyst ratings summary and ratings history on CorMedix click here. For more ratings news on CorMedix click here.

Shares of CorMedix closed at $5.54 yesterday.

By Vlad Schepkov

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