CorMedix gains after Leerink starts coverage with 'outperform'

CorMedix

07/03/2025 13:41

** Shares of biopharma firm CorMedix CRMD.O rise 3.6% to $9.83 premarket

** Leerink Partners starts coverage of CRMD with "outperform" rating and PT of $18, which represents 89.6% upside to stock's last close

** Brokerage says co's medical device, DefenCath, is "significant advancement" in catheter-related bloodstream infection prevention, reducing infection rates by up to 70%

** DefenCath is used to prevent infections in catheters, a thin tube used in medical procedures, for patients with kidney failure undergoing hemodialysis

** Brokerage expects DefenCath to reach $370 mln in sales by 2028

** Notes co has "solid commercial execution" and has partnered with 60% of U.S. dialysis clinics, which will drive "significant volume growth potential for DefenCath"

** Stock more than doubled in 2024

 (Reporting by Kamal Choudhury in Bengaluru)

 ((Kamal.Choudhury@thomsonreuters.com;))