Rockwell Medical, Inc. (NASDAQ:RMTI) Sees Significant Drop in Short Interest

Rockwell Medical, Inc. (NASDAQ:RMTI) was the recipient of a large drop in short interest during the month of July. As of July 15th, there was short interest totaling 85,486 shares, a drop of 89.4% from the June 30th total of 803,271 shares. Based on an average daily volume of 42,968 shares, the days-to-cover ratio is presently 2.0 days. Approximately 2.3% of the shares of the company are short sold.

Analyst Ratings Changes

A number of equities analysts recently weighed in on RMTI shares. Wall Street Zen raised shares of Rockwell Medical to a “hold” rating in a report on Saturday. HC Wainwright restated a “buy” rating and set a $20.00 target price (up from $2.00) on shares of Rockwell Medical in a research report on Thursday, July 9th. Finally, Weiss Ratings lowered shares of Rockwell Medical from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 15th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $20.00.

Rockwell Medical Stock Performance

NASDAQ RMTI traded up $0.10 on Friday, hitting $6.63. 8,828 shares of the company traded hands, compared to its average volume of 45,666. The company has a market capitalization of $26.32 million, a price-to-earnings ratio of -4.42 and a beta of 1.61. The company has a current ratio of 3.74, a quick ratio of 3.43 and a debt-to-equity ratio of 0.23. The business’s 50 day moving average price is $6.57 and its 200-day moving average price is $8.53. Rockwell Medical has a 52-week low of $4.89 and a 52-week high of $21.00.

Rockwell Medical (NASDAQ:RMTI) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.30). The company had revenue of $17.34 million during the quarter, compared to analysts’ expectations of $17.95 million. Rockwell Medical had a negative return on equity of 15.41% and a negative net margin of 7.98%. Equities analysts expect that Rockwell Medical will post -0.76 earnings per share for the current year.

Institutional Investors Weigh In On Rockwell Medical

Several large investors have recently modified their holdings of the business. Corsair Capital Management L.P. purchased a new stake in shares of Rockwell Medical in the 1st quarter worth approximately $45,000. XTX Topco Ltd boosted its position in Rockwell Medical by 286.5% in the fourth quarter. XTX Topco Ltd now owns 62,097 shares of the company’s stock valued at $52,000 after buying an additional 46,029 shares during the last quarter. Jane Street Group LLC acquired a new position in Rockwell Medical in the 4th quarter worth approximately $84,000. Geode Capital Management LLC increased its holdings in Rockwell Medical by 12.9% in the 4th quarter. Geode Capital Management LLC now owns 364,816 shares of the company’s stock worth $304,000 after buying an additional 41,668 shares during the period. Finally, Renaissance Technologies LLC raised its position in Rockwell Medical by 36.5% during the 1st quarter. Renaissance Technologies LLC now owns 639,120 shares of the company’s stock worth $571,000 after buying an additional 170,800 shares during the last quarter. Institutional investors own 23.31% of the company’s stock.

About Rockwell Medical

Rockwell Medical, Inc is a Delaware‐domiciled biopharmaceutical company focused on the development and commercialization of therapies for patients with chronic kidney disease (CKD). The company’s mission centers on addressing common complications in CKD—namely iron deficiency and secondary hyperparathyroidism—through innovative treatment approaches designed for dialysis settings.

The company’s lead product, TRIFERIC®, is an iron replacement therapy approved by the U.S. Food and Drug Administration for use in hemodialysis patients.