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.

Is CorMedix Inc. (CRMD) Among Billionaire Paul Singer’s Top Long-Term Stock Picks?

A clinician wearing a lab coat with a view of a biopharmaceutical lab in the background.

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.

While we acknowledge the potential of CRMD to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CRMD and that has 100x upside potential, check out our report about this cheapest AI stock.

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