Stock Update (NASDAQ:RMTI): Rockwell Medical Inc’s Triferic Receives Permanent J-Code for Renal Drug 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 permanent unique product reimbursement code for Triferic. The Level II Healthcare Common Procedure Coding System (HCPCS) product reimbursement J-code (J1443) will become effective on January 1, 2016. Triferic is the only FDA approved iron product indicated to replace iron and maintain hemoglobin in hemodialysis patients in the United States. (Original Source)
Shares of Rockwell Medical closed last Friday at $12.19, up $0.53 or 4.55%. RMTI has a 1-year high of $18.90 and a 1-year low of $7.09. The stock’s 50-day moving average is $11.10 and its 200-day moving average is $12.30.
On the ratings front, Rockwell has been the subject of a number of recent research reports. In a report issued on November 10, Oppenheimer analyst Ling Wang maintained a Buy rating on RMTI, with a price target of $26, which represents a potential upside of 113.3% from where the stock is currently trading. Separately, on the same day, Brean Murray Carret’s Jonathan Aschoff reiterated a Sell rating on the stock and has a price target of $4.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Ling Wang and Jonathan Aschoff have a total average return of 3.5% and -0.4% respectively. Wang has a success rate of 51.5% and is ranked #1083 out of 3649 analysts, while Aschoff has a success rate of 45.0% and is ranked #2703.
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.