CorMedix initiated with an Outperform at RBC Capital

RBC Capital analyst Gregory Renza initiated coverage of CorMedix with an Outperform rating and $6 price target. The analyst sees CorMedix’s antimicrobial asset, DefenCath, as a value-add to the clinical environment and anti-infective practices. Though the November 15 FDA decision date comes with “binary risk,” we believe DefenCath’s resubmission has improved its positioning and is more likely than not to be approved, the analyst tells investors in a research note. If successful, the firm sees a path to $600M U.S. sales potential into the 2030s in end-stage renal disease.