Needham Maintains a Buy Rating on CorMedix (CRMD) With a $20 PT

CorMedix Inc. (NASDAQ:CRMD) is one of the top most undervalued biotech stocks to buy now. On August 7, Needham analyst Serge Belanger maintained a Buy rating on CorMedix Inc. (NASDAQ:CRMD) and set a price target of $20.00.

The analyst based the rating on the company’s strategic growth potential, stating that its acquisition of Melinta Therapeutics includes a portfolio of hospital-based antifungals and antibiotics that is anticipated to considerably increase sales, offering a solid opportunity for label expansion.

According to the analyst, this initiative positions CorMedix Inc. (NASDAQ:CRMD) to diversify its portfolio in the hospital sector beyond its present offerings by engaging in further product acquisitions and business development.

CorMedix Inc. (NASDAQ:CRMD) is a medical device and biopharmaceutical company that develops and commercializes therapeutics to treat and prevent diseases and medical conditions.

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Disclosure: None. This article is originally published at Insider Monkey.