In a research report released on Friday, Oppenheimer analyst Ling Wang reiterated an Outperform rating on shares of Rockwell Medical Inc (NASDAQ:RMTI) with a price target of $26, which implies an upside of 124% from current levels. The report follows positive feedback from an industry expert on Triferic, the company’s iron-replacement drug for treating iron deficiency in chronic kidney disease patients receiving hemodialysis.
Wang noted, “We recently had the opportunity to speak with an industry expert who is a top executive at one of the largest dialysis providers in the US. He indicated that his organization plans to use Triferic at several pilot centers soon after Triferic’s commercial launch. In his view, the science/clinical data behind Triferic is compelling, combined with the added cost-saving benefit, makes Triferic an attractive product. He also anticipates the pilot studies to be short and ramp-up to be quick.”
Furthermore “RMTI management (CEO, CMO and VP Drug Development) purchased shares on the recent stock weakness. With the positive feedback from an industry expert and insider buying, we remain bullish on the upcoming Triferic launch.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ling Wang has a total average return of -10.5% and a 27.3% success rate. Wang has a -10.3% average return when recommending RMTI, and is ranked #3583 out of 3738 analysts.
Out of the 5 analysts polled by TipRanks, 3 rate Rockwell Medical stock a Buy, while 2 rate the stock a Sell. With a return potential of 46.8%, the stock’s consensus target price stands at $17.