Update shared on04 Sep 2025
Fair value Increased 2.00%CorMedix’s consensus price target has edged up to $20.40, as analysts see greater revenue potential from DefenCath’s accelerating launch, expanded patient uptake, and supportive reimbursement dynamics, offsetting equity-related dilution concerns.
Analyst Commentary
- The recent $85M equity offering extends CorMedix's cash runway but introduces dilution, prompting a reduced price target from previous levels based on valuation concerns.
- Bullish analysts highlight DefenCath's FDA approval and stronger-than-expected product launch, believing there is unappreciated revenue potential and further upside.
- Expanded product uptake by a large dialysis organization, now targeting 6,000 patients (up from 4,000), significantly increases near-term commercial expectations for DefenCath.
- New reimbursement dynamics (TDAPA and subsequent payment adjustments) are expected to drive revenue growth, with above-anticipated DefenCath usage favorably impacting future payment calculations.
- Positive management feedback and endorsement from key opinion leaders support renewed confidence in both the short- and long-term sustainability and growth momentum of the DefenCath franchise, with no significant tariff or intellectual property risks identified.
What's in the News
- CorMedix raised full-year 2025 pro forma revenue guidance to $325–$350 million, up from its earlier range of $305–$335 million.
- Susan Blum was appointed Chief Financial Officer, succeeding Dr. David, bringing prior experience from Melinta, Textura, Orbitz, Facet Biotech, and PDL BioPharma.
- The company completed a $83.5 million follow-on equity offering, with planned use of proceeds including potential acquisitions and general corporate purposes.
- Multiple CorMedix securities (common stock, convertible preferred, restricted stock units) are under lock-up agreements expiring on August 25, 2025.
- CorMedix was dropped from several Russell value and small/microcap index benchmarks.
Valuation Changes
Summary of Valuation Changes for CorMedix
- The Consensus Analyst Price Target remained effectively unchanged, moving only marginally from $20.00 to $20.40.
- The Consensus Revenue Growth forecasts for CorMedix has significantly risen from 46.5% per annum to 52.8% per annum.
- The Future P/E for CorMedix has significantly fallen from 10.39x to 9.24x.
Disclaimer
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