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CRMD - CorMedix: Infected With Hype Valuation Swollen
CorMedix Inc.
We believe CorMedix (CRMD) represents the classic case of an extremely overvalued small-cap biotech due to a large and enthusiastic retail shareholder base greatly overestimating a market opportunity. At the same time, in the next several months a critically important binary event is due - the FDA will decide if CorMedix can file an NDA based on one rather than two Phase 3 trials. If the agency denies this request, we think the downside could be massive with shares trading down to cash levels in the $1 to 2 range or 75-90% from