CorMedix (CRMD) is rated a 'Strong Buy' below about $8.35, with a potential 114% upside to a $17.5 fair value based on discounted cash flow analysis. The company is expected to face a revenue trough in 2027 due to the end of TDAPA, but growth is projected to resume from 2027 to 2028, driven by adoption of DefenCath and progress in its drug pipeline. Key catalysts include potential partnerships with DaVita, expansion into federal markets, and development of pipeline assets like DefenCath TPN and REZZAYO. Risks involve possible pipeline failures and missing out on DaVita as a customer, but even in worst-case scenarios, CorMedix appears fairly valued at current prices.
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