Billionaire Paul Singer’s 10 Stock Picks with Huge Upside Potential

6. CorMedix Inc. (NASDAQ:CRMD)

Elliott Management’s Stake: $23.25 million

Number of Hedge Fund Holders: 10

Average Upside Potential as of May 8: 36.99%

CorMedix Inc. (NASDAQ:CRMD) is a biopharmaceutical company that develops and commercializes therapeutic products for life-threatening diseases and conditions in the US. Its lead product candidate is DefenCath, which is an antimicrobial catheter lock solution to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure.

The Outpatient DefenCath Sales segment at CorMedix experienced strong uptake of DefenCath among both existing and new customers in the outpatient setting in Q4 2024, contributing to the company’s net revenue of $31.2 million for the quarter and $43.5 million for the full year 2024. Q4 also marked the company’s first profitable commercial quarter, with a net income of $13.5 million.

CorMedix Inc. (NASDAQ:CRMD) began Q1 2025 with over $25 million in purchase orders from existing outpatient customers for delivery in that quarter. The company currently estimates net revenue from existing purchasing customers for the first 6 months of 2025 to be in the range of $50 to $60 million, with over $33 million expected in Q1 alone. While the net selling price of DefenCath has been stable in the initial quarters of outpatient commercialization, a price erosion is anticipated to begin in Q2 2025.