JMP Securities analyst Jason Butler reiterated a Buy rating on Cormedix (CRMD – Research Report) today and set a price target of $19.00.
Jason Butler has given his Buy rating due to a combination of factors including the strong performance of CorMedix’s DefenCath product. The company has reported preliminary first-quarter financial results that exceeded both Butler’s and consensus expectations in terms of revenue and adjusted EBITDA. This positive financial performance is largely attributed to the robust adoption of DefenCath at mid-sized dialysis operators, which has led to increased sales projections for the first half of 2025.
CorMedix has also raised its guidance for DefenCath sales, indicating a higher-than-expected demand and improved visibility into inventory levels. While there is a noted decrease in sales forecast for the second quarter compared to the first, this is attributed to the timing of shipments rather than a decline in demand. Additionally, the company is on track to initiate a Phase 3 trial for DefenCath in a new indication, which could further enhance its market potential. These factors collectively underpin Butler’s confidence in the company’s growth prospects, justifying the Buy rating.
Butler covers the Healthcare sector, focusing on stocks such as Cytokinetics, Esperion, and Aquestive Therapeutics. According to TipRanks, Butler has an average return of -9.6% and a 33.40% success rate on recommended stocks.
In another report released today, RBC Capital also maintained a Buy rating on the stock with a $12.00 price target.