CorMedix (CRMD) Stock Forecast & Price Target

Cormedix is supported by a durable DefenCath franchise that beat expectations with 2Q26 revenue of $66.1M, while management cited steady large-customer ordering, a new multi-year contract with the final major LDO, and upside from potential CMS pricing revisions and Medicare Advantage contracting. The business also benefits from a strong balance sheet with about $257M in cash, disciplined spending, and reiterated FY26 revenue guidance of $325M to $345M alongside raised EBITDA guidance of $125M to $140M. Beyond DefenCath, FDA acceptance of the Rezzayo sNDA with Priority Review and a 1Q27 PDUFA target date adds a credible second growth driver tied to a >$2B antifungal prophylaxis opportunity and a broader long-term commercial runway.

Cormedix is facing a deteriorating commercial backdrop as DefenCath reimbursement appears likely to reset lower in 2027, with DaVita’s commentary suggesting the $8.32/session add-on could fall significantly through 2H27; as a result, 2027 sales estimates were cut to $97.5MM from $132.7MM, below the company’s unconfirmed $100MM-$140MM guide. Cormedix is also exposed to severe concentration and pricing risk, relying heavily on a single anchor customer while confronting the TDAPA cliff in 2026 and limited clarity on how pricing will evolve afterward, which undermines visibility and durability of growth. Cormedix is further burdened by financing and execution risk, since additional funds may be needed to reach sustainable profitability, label expansion requires more clinical data, and failure in hemodialysis traction or the Melinta deal could leave the equity trading near net cash with minimal pipeline value.