Citizens reiterated a Market Outperform rating and preserved an $18.00 price target on CorMedix (NASDAQ:CRMD) in the wake of the company’s Analyst Day. At present, the shares trade at $7.69 and the company’s market capitalization is roughly $606 million, figures that Citizens and other market participants view as implying meaningful upside to the firm’s quoted target.
A central element of Citizens’ thesis is REZZAYO, CorMedix’s antifungal candidate. Citizens highlighted the drug’s potential utility as a prophylactic agent to prevent fungal infections, noting that a Phase 3 readout for that application from the ReSPECT trial is expected in the second quarter of 2026. Citizens estimates that a prophylaxis indication for REZZAYO would open a market opportunity exceeding $2 billion, which would be incremental to an existing treatment market they size at $250 million to $350 million.
In Citizens’ view, the safety and efficacy that REZZAYO has shown in the treatment setting reduces the regulatory and clinical risk for the ongoing ReSPECT Phase 3 prophylaxis study. The research note ties that reduced trial risk to the company’s unit economics, calling attention to CorMedix’s strong gross margin - reported as 94.31 percent - as evidence of favorable operating leverage should commercial uptake accelerate.
Citizens flagged that potential prophylactic sales for REZZAYO are not currently captured in the firm’s baseline financial model for CorMedix, and therefore represent upside to their forecasts. Separately, InvestingPro analysis referenced in the update characterizes the stock as undervalued and notes that multiple analysts rate the shares a Strong Buy. CorMedix’s Pro Research Report is identified as part of a larger set of deep-dive research available to subscribers.
Beyond product development and valuation commentary, CorMedix has also moved to return capital to shareholders. The company announced a $75 million share repurchase authorization, with the board permitting buybacks of outstanding common stock through December 31, 2027. Management indicated repurchases could commence as early as the first quarter of 2026.
Brokerage coverage of CorMedix has shifted in recent days, with several firms adjusting price targets while retaining positive stances. H.C. Wainwright cut its target to $13.00 from $18.00 but kept a Buy rating, citing updated guidance for 2026-2027. Leerink Partners trimmed its target to $15.00 from $21.00 and maintained an Outperform rating after reassessing DefenCath revenue prospects. Truist Securities lowered its target to $16.00 from $20.00 while continuing to recommend Buy, attributing the change to CorMedix’s 2026 revenue guidance coming in below expectations. Collectively, these updates give investors a snapshot of how sell-side views of revenue trajectory and risk are shaping near-term valuations.
Summary
Citizens kept a Market Outperform rating and $18.00 price target on CorMedix, pointing to REZZAYO’s prophylaxis potential and the company’s high gross margins as reasons the stock, trading at $7.69, could be undervalued. The company has also authorized a $75 million buyback program and several analysts have revised targets amid updated guidance and product outlook considerations.
Key points
- Citizens retained a Market Outperform rating and an $18.00 price target on CorMedix.
- REZZAYO’s Phase 3 prophylaxis readout is expected in Q2 2026 and could represent a market opportunity above $2 billion, on top of a $250-$350 million treatment market.
- CorMedix announced a $75 million share repurchase plan active through December 31, 2027, with repurchases possible beginning Q1 2026; several brokerages lowered targets but maintained positive ratings.
Risks and uncertainties
- Clinical trial risk - The Phase 3 ReSPECT prophylaxis readout is pending in Q2 2026, and its outcome is uncertain; this directly affects the biotech and pharmaceutical sectors.
- Revenue guidance sensitivity - Recent downward adjustments to price targets by brokerages were linked to updated 2026-2027 guidance and revenue expectations, which could influence investor sentiment in healthcare and small-cap equities.
- Valuation variability - Market capitalization and sell-side price target dispersion mean share-price performance could be volatile if anticipated sales or guidance do not materialize, affecting equity markets and investment flows into biotech names.