Billionaire Paul Singer’s Top 12 Long-Term Stock Picks

9. CorMedix Inc. (NASDAQ:CRMD)

Elliott Management’s Stake Value: $12.53 Million

Elliott Management First Major Purchase: 2019

Number of Hedge Fund Holders: 6

CorMedix Inc. (NASDAQ:CRMD) is a biopharmaceutical company that develops and commercializes therapeutic products to prevent and treat infectious and inflammatory diseases. After rallying by 120% on signing a new commercial supply agreement for Defencath, its stock has more than doubled in value.

Defencath is the company’s lead antimicrobial catheter lock solution designed to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure. Signing an agreement with a top-five mid-sized dialysis provider is serving as the catalyst for strengthening CorMedix Inc.’s (NASDAQ:CRMD) sentiment in the market. The deal allows the solution to be distributed across more than 200 outpatient dialysis clinics.

Given that the new Defencath agreement covers over 60% of patients receiving hemodialysis through a catheter at outpatient centres across the country, it opens up a reliable and stable revenue stream for CorMedix. As CorMedix Inc. (NASDAQ:CRMD) continues its commercialization strategy for Defencath, the new supply agreement is anticipated to strengthen its position in the market. This approach seeks to increase the product’s accessibility for patients in need while reaching a large portion of the target population.

The company is staring at tremendous opportunities as the US dialysis market is growing at a  6% compound annual growth rate. With the market projected to be worth $43 billion by 2032 from $27 billion in 2024, CorMedix can unlock significant value with Defencath that reduces incidences of blood infection during dialysis.