The shares of KORU Medical Systems Inc (NASDAQ: KRMD) plunged 8% on Friday, after Piper Sandler downgraded the stock to “Neutral” from “Overweight”, citing valuation.
Piper Sandler said that KORU Medical’s valuation was “sitting near multi-year highs, and this loftier valuation is making us slightly more uneasy about other items.”
The firm cited limited upside in gross margins for 2025 and 2026 due to geographic sales mix, challenging market conditions for the US subcutaneous immunoglobulin segment and delayed revenue catalysts from new therapies.
Piper Sandler maintained its 12-month price target on KORU Medical Systems at $4.50 per share.
Stock Performance
The shares of KORU Medical Systems Inc (KRMD) closed 8.00% ($0.38) lower at $4.37 on Nasdaq on Friday.
The company’s total market cap now stands at $200.309 million.
The shares of KORU Medical Systems Inc (KRMD) went up 56.50% in 2024, compared with a 28.64% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have risen another 13.51% so far this year.
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