H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on Cormedix Inc (CRMD) today and set a price target of $14. The company’s shares closed yesterday at $9.32.
Selvaraju commented:
“We are cautiously optimistic on the potential for taurolidine in treating neuroblastoma, though we note that the data in the paper are very early-stage, and reiterate our Buy rating and 12-month target of $14.00 on CorMedix shares.”
According to TipRanks.com, Selvaraju is a 4-star analyst with an average return of 4.2% and a 33.3% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Taro Pharmaceutical Industries Ltd., Biospecifics Technologies Corp, and EyePoint Pharmaceuticals Inc.
Currently, the analyst consensus on Cormedix Inc is a Moderate Buy with an average price target of $14.
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Based on Cormedix Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $5.17 million. In comparison, last year the company had a GAAP net loss of $8.56 million.
Based on the recent corporate insider activity of 24 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, which seeks to in-license, develop and commercialize prophylactic and therapeutic products for the prevention and treatment of infectious and inflammatory diseases.
