Roth Capital analyst Scott Henry came out yesterday with a research report on CorMedix Inc. (NYSEMKT:CRMD), maintaining a Neutral rating, while reducing the price target to $4.50 (from $6.75), which represents a potential upside of 41.1% from where CRMD is currently trading. The decreased price target comes in response to CRMD’s recent update on its strategic transaction process, and reflects the lack of a takeover in the near-term.

Henry wrote, “We downgraded shares as the strategic process began due to low visibility and high expectations (based on the share price). We remain in this wait and see mode pending clarity on partnership interest. Our price target is reduced to $4.50/share to reflect a higher discount rate (25% from 20% – as lack of a company sale increases risk), and we also removed any upside potential from ongoing litigation in Europe with regards to Neutrolin. That said, we may revisit our rating earlier if the market cap decline continues.”

To the company’s credit, the analyst believes that the cash balance was upped significantly during the stock’s run-up. “We estimate that the cash balance could be near $40 million in real time, which supports the trial runway and accounts for a material portion of the current market cap.”, Henry added.

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Scott Henry has a total average return of 41.1% and a 71.1% success rate. Henry has a 427.2% average return when recommending CRMD, and is ranked #10 out of 3711 analysts.