H.C. Wainwright analyst Brandon Folkes reiterated a Buy rating and $13.00 price target on CorMedix (NASDAQ: CRMD).

The analyst commented: "CorMedix reported positive topline results from its Phase 3 ReSPECT trial of REZZAYO in prophylaxis of invasive fungal disease, which we believe supports a shift in the investment narrative toward pipeline-driven upside. The study achieved its primary endpoint of non-inferiority on fungal-free survival, with efficacy broadly in line with standard of care, while the key differentiation emerged on safety, including fewer discontinuations, reduced dose interruptions, and a more favorable drug-drug interaction profile. Importantly, there were no negative signals across mortality or pathogen coverage, and based on the data released to date, the overall outcome appears modestly ahead of expectations. In our view, these results support the clinical rationale for adoption in prophylaxis settings and reinforce our view that CRMD is trading near a valuation floor, with potential for a rerating as the market begins to incorporate pipeline upside. Reiterate Buy and $13 PT."

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Shares of CorMedix closed at $7.82 yesterday.