Oppenheimer Maintains Outperform on Rockwell Medical Inc Ahead of Triferic Launch
Oppenheimer analyst Ling Wang weighed in with a favorable report on shares of Rockwell Medical Inc (NASDAQ:RMTI), as the company plans to launch Triferic, a new drug that delivers iron to the bone marrow via dialysate in a non-invasive manner to treat iron-deficiency anemia in End Stage Renal Disease patients, in mid-year once sufficient supply is secured.
Wang noted, “Given what we viewed as obvious benefits to dialysis centers, we expect Triferic to have a strong launch, potentially replacing IV iron (only labeled as iron repletion but not for maintenance) as an iron replacement therapy in HD CKD patients. In addition to Triferic launch, we expect potential partnership agreements (either on Triferic approved indication ex-US or potential expanded indications) and fast pace to profitability to drive upside.”
The analyst reiterated an Outperform rating on Rockwell shares with a price target of $26, which implies an upside of 107% from current levels.
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 -1.9% and a 41.7% success rate. Wang has a 8.7% average return when recommending RMTI, and is ranked #2990 out of 3614 analysts.
Out of the 5 analysts polled by TipRanks, 3 rate Rockwell Medical stock a Buy, while 2 rates the stock a Sell. With a return potential of 35.5%, the stock’s consensus target price stands at $17.