Truist initiated CorMedix (CRMD +12.9%) with a Buy rating, PT $20 indicating a more than four times increase from current levels.
In the past 6-months, the stock has surged 96.2%; quick look at the company’s total return vs. broader index performance (NYSEARCA:IYH):
Analyst Joon Lee contends that the company’s Defencath – which is currently under review by the FDA with priority review status – could change the standard of care with conservative peak sales of about $400M in hemodialysis alone, with oncology total addressable market being 1.7 times greater.
Total annual cost in U.S. for treating all Catheter-related bloodstream infection (CRBSI) and their applications up to ~$2.7B; the company targets a substantial commercial market opportunity:
For Defencath, the company has set a priority review goal of 6 months vs. standard review period of 10 months; PDUFA date is set at February 28, 2021. Read more: Investor Presentation