H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on Cormedix Inc (CRMD) today and set a price target of $3.50. The company’s shares closed yesterday at $1.90.
Selvaraju noted:
“We derive a value of $470M for Neutrolin using a 12% discount rate and 90% probability of success, along with a 23% effective tax rate, or a price per share of $3.50, taking into account $150M from additional value drivers (ex-U.S. sales, taurolidine gel formulation, and future medical device applications)—up from the prior $120M—and ~141M fully-diluted shares outstanding—including issuance of about 35M more shares due to warrant exercises and further stock issuances—as of end-2019. Our valuation of Neutrolin has risen to $350M from the previous $300M, based on higher peak sales potential.”
According to TipRanks.com, Selvaraju is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -15.3% and a 24.4% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, EyePoint Pharmaceuticals Inc, and Bausch Health Companies Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Cormedix Inc with a $3.50 average price target.
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Based on Cormedix Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $10.24 million. In comparison, last year the company had a GAAP net loss of $10.31 million.
Based on the recent corporate insider activity of 20 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CRMD in relation to earlier this year.
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CorMedix, Inc. operates as a pharmaceutical and medical device company that seeks to in-license, develop and commercialize prophylactic and therapeutic products for the prevention and treatment of infectious and inflammatory diseases.
