In a research report sent to investors today, Oppenheimer analyst Ling Wang reiterated an Outperform rating on Rockwell Medical (NASDAQ:RMTI) with a $26 price target, following the news that the FDA has approved the company’s Triferic for the replacement of iron to maintain hemoglobin (Hg) in adult patients with hemodialysis-dependent chronic kidney disease (HDD-CKD).
Wang observed, “Triferic is the only approved therapy for this indication. The label is in line with our expectation. With a proven clinical benefit to effectively deliver iron and maintain Hg without increasing iron store, potentially significant cost savings for dialysis centers, a highly concentrated client base and strong commercialization expertise, we expect Triferic to quickly gain significant market share from IV iron, which was approved for only iron repletion but is currently being used for iron replacement/maintenance therapy.”
The analyst continued, “Given the clinical and potential cost saving benefits, a highly concentrated client base and strong commercialization expertise, we expect a fast adoption. We expect market launch by mid-2015, following manufacturing the APIs and packaging the final products.”
Rockwell Medical, Inc. operates as an integrated biopharmaceutical company in the United States and internationally. It offers products and services for the treatment of end-stage renal disease, chronic kidney disease (CKD), iron deficiency, secondary hyperparathyroidism, and hemodialysis.