CorMedix gains after Leerink starts coverage with 'outperform'
Shares of biopharma firm CorMedix CRMD.O rise 3.6% to $9.83 premarket
Leerink Partners starts coverage of CRMD with "outperform" rating and PT of $18, which represents 89.6% upside to stock's last close
Brokerage says co's medical device, DefenCath, is "significant advancement" in catheter-related bloodstream infection prevention, reducing infection rates by up to 70%
DefenCath is used to prevent infections in catheters, a thin tube used in medical procedures, for patients with kidney failure undergoing hemodialysis
Brokerage expects DefenCath to reach $370 mln in sales by 2028
Notes co has "solid commercial execution" and has partnered with 60% of U.S. dialysis clinics, which will drive "significant volume growth potential for DefenCath"
Stock more than doubled in 2024
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