Company Update (NASDAQ:RMTI): Rockwell Medical Inc Announces Triferic Receives Q-Code Assignment for Product Reimbursement
Rockwell Medical Inc (NASDAQ:RMTI), a fully-integrated biopharmaceutical company targeting end-stage renal disease (ESRD) and chronic kidney disease (CKD) with innovative products and services for the treatment of iron replacement, secondary hyperparathyroidism and hemodialysis, announced today that the Centers for Medicare and Medicaid Services (CMS) has granted a unique product reimbursement code for Triferic. The Level II Healthcare Common Procedure Coding System (HCPCS) product reimbursement Q-code (Q9976) will help facilitate the billing process for dialysis organizations using Triferic. This new Q-code will become effective on July 1, 2015. Triferic is the only iron product that is FDA approved for delivery via dialysate to replace iron and maintain hemoglobin to treat anemia in the hemodialysis patient population in the United States. Robert L. Chioini, Founder, Chairman and Chief Executive Officer of Rockwell Medical stated, “We are encouraged with the high level of interest in Triferic by dialysis providers, and the designation of this Q-code by CMS will help simplify their billing process for reimbursement from both private and public health insurers when using this new iron maintenance therapy treatment for chronic kidney disease (CKD) patients on dialysis.” (Original Source)
Shares of Rockwell Medical opened today at $11.21 and are currently trading up at $11.4599. RMTI has a 1-year high of $12.47 and a 1-year low of $8.10. The stock’s 50-day moving average is $10.31 and its 200-day moving average is $10.13.
On the ratings front, Brean Capital analyst Jonathan Aschoff maintained a Sell rating on RMTI, with a price target of $4, in a report issued on February 27. The current price target reflects a potential downside of -65.1% from last closing price. According to TipRanks.com, Aschoff has a total average return of 8.6%, a 55.0% success rate, and is ranked #352 out of 3610 analysts.
Rockwell Medical Inc is a biopharmaceutical company targeting end-stage renal disease and chronic kidney disease with products and services for the treatment of iron deficiency, secondary hyperparathyroidism and hemodialysis.