Cormedix Inc (CRMD) Receives a Buy from H.C. Wainwright


In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Cormedix Inc (CRMD), with a price target of $3.50. The company’s shares closed yesterday at $1.88.

Selvaraju observed:

“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) 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. Risks include, but are not limited to: (1) regulatory submission delays; (2) inability to obtain Neutrolin regulatory approval; (3) lower- than-anticipated Neutrolin market uptake; and (4) dilution risk.”

According to TipRanks.com, Selvaraju is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -15.8% and a 23.6% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, EyePoint Pharmaceuticals Inc, and Bausch Health Companies Inc.

Currently, the analyst consensus on Cormedix Inc is a Moderate Buy with an average price target of $3.50, which is an 86.2% upside from current levels. In a report issued on January 18, Roth Capital also maintained a Buy rating on the stock with a $6 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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.

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