As CorMedix's DefenCath Moves Forward On Regulatory Path, Analyst Boosts Price Target
Portfolio Pulse from Vandana Singh
CorMedix has resubmitted its New Drug Application for DefenCath to the FDA, with potential approval in 2023. JMP Securities has increased the price target for CorMedix from $16 to $19, maintaining a Market Outperform rating. The company has a cash position of $59 million, sufficient to fund operations until 1H 2024.
May 19, 2023 | 6:09 pm
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POSITIVE IMPACT
CorMedix's resubmission of DefenCath's NDA to the FDA and JMP Securities' increased price target may positively impact the stock price in the short term.
The resubmission of DefenCath's NDA to the FDA indicates progress in the regulatory process, which is a positive development for the company. Additionally, JMP Securities' increased price target from $16 to $19 and maintaining a Market Outperform rating shows confidence in the company's prospects. These factors may lead to a positive short-term impact on CorMedix's stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100