In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Cormedix Inc (NYSE: CRMD), with a price target of $3. The company’s shares closed on Friday at $2.26, close to its 52-week high of $2.32.
Selvaraju noted:
“We derive a value of $306M 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 $3.00, taking into account $120M from additional value drivers (ex-U.S.”
According to TipRanks.com, Selvaraju has currently no stars on a ranking scale of 0-5 stars, with an average return of -7.6% and a 28.2% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, Bausch Health Companies Inc, and Synergy Pharmaceuticals Inc.
Currently, the analyst consensus on Cormedix Inc is a Moderate Buy with an average price target of $3.
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Based on Cormedix Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $8.56 million. In comparison, last year the company had a GAAP net loss of $9.96 million.
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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.
