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 that the U.S. Food & Drug Administration (FDA) has approved the New Drug Application for Triferic Powder Packet for commercial sale as an iron replacement product to maintain hemoglobin in adult patients with hemodialysis dependent chronic kidney disease. Triferic is the Company’s innovative iron-replacement drug for the treatment of anemia in chronic kidney disease patients receiving hemodialysis.
“We are pleased to obtain this FDA approval for the Triferic powder packet,” stated Robert L. Chioini, Founder, Chairman and Chief Executive Officer of Rockwell. “Our mind-set is to continually improve, and this new Triferic presentation is a fine example. The Triferic powder packet is similar to the size of a packet of sugar. It is much smaller and lighter than the current Triferic liquid ampule and it enables us to place three-times greater the number of units in an even smaller carton. This presentation is much more convenient for customers as it reduces storage space and requires fewer reorders to maintain inventory. We expect it to be commercially available shortly.” (Original Source)
Shares of Rockwell Medical closed yesterday at $9.11, up $0.20 or 2.24%. RMTI has a 1-year high of $18.90 and a 1-year low of $5.47. The stock’s 50-day moving average is $7.23 and its 200-day moving average is $8.82.
On the ratings front, RMTI has been the subject of a number of recent research reports. In a report issued on April 6, Morgan Stanley analyst Andrew Berens reiterated a Sell rating on RMTI, with a price target of $3, which reflects a potential downside of -67.1% from last closing price. Separately, on March 1, Stifel Nicolaus’ Annabel Samimy downgraded the stock to Hold .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Andrew Berens and Annabel Samimy have a total average return of 15.0% and 13.6% respectively. Berens has a success rate of 67.7% and is ranked #406 out of 3829 analysts, while Samimy has a success rate of 59.4% and is ranked #269.
Rockwell Medical, Inc. is a biopharmaceutical company, which engages in the targeting of end-stage renal disease and chronic kidney disease and manufactures innovative products and services for the treatment of iron deficiency, secondary hyperparathyroidism and hemodialysis. Its dialysis products include Triferic, Calcitriol Vitamin D Injection, Hemodialysis Concentrates, CitraPure, Dri-Sate, and ancillary products. The company was founded by Robert L. Chioini in January 1995 and is headquartered in Wixom, MI.