CorMedix (CRMD) Stock Forecast & Price Target

Cormedix is supported by a strengthening commercial base in DefenCath, which beat expectations with 2Q26 revenue of $66.1M, a reaffirmed FY26 revenue guide of $325M-$345M, and a raised EBITDA guide of $125M-$140M, all while management flagged durable demand, a major LDO contract, and potential upside from Medicare Advantage contracting and higher CMS pricing. Its outlook is further improved by Rezzayo, where FDA acceptance of the sNDA, Priority Review, and a 1Q27 PDUFA date validate a meaningful expansion opportunity backed by positive phase 3 ReSPECT data showing non-inferior fungal-free survival of 60.7% versus 59.0% and better tolerability. With about $257M in cash, disciplined spending, and a broader infectious-disease portfolio from Melinta, the company has multiple paths to growth and better franchise durability beyond the post-TDAPA period.

Cormedix is facing a negative outlook because DefenCath’s commercial success remains unproven, with uptake dependent on reimbursement and threatened by generic competition such as Heparin. The company also carries meaningful financial risk, as it is expected to require additional funds to reach sustainable profitability and may not secure favorable financing or non-dilutive capital, while concentration risk with one anchor customer or MDO increases vulnerability. On top of that, label expansion and any Rezzayo antifungal prophylaxis opportunity still require additional clinical data and a successful ph 3 trial, and pricing pressure from the TDAPA cliff in 2026 adds further uncertainty.