Rockwell Medical Inc Shares On The Rise Amid Earnings; Oppenheimer Reiterates Outperfom
Rockwell Medical Inc (NASDAQ:RMTI) shares have popped 13.24% to $15.40 in mid-day trading, after the company announced second-quarter earnings, posting EPS of ($0.05), beating consensus of ($0.08) due to higher revenues.
Subsequently, Oppenheimer analyst Ling Wang reiterated an Outperform rating on RMTI with a $26 price target, which implies an upside of 69.5% from current levels.
Wang noted, “Management indicated that Triferic launch is on track (as previously guided July/August timeframe) and interest among clients is high, with anticipated pilot programs to commence at large dialysis providers in the next few weeks. Management expects pilot study to be ~4 weeks and a ~60-90 day conversion period to commercial rollout. With a highly concentrated client base and what-we-view obvious clinical/cost benefits, we continue to expect fast adoption of Triferic. Partnership discussions with potential parties are ongoing, which could drive additional upside.”
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 -3.2% and a 38.5% success rate. Wang has a 11.3% average return when recommending RMTI, and is ranked #3163 out of 3724 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 10.8%, the stock’s consensus target price stands at $17.