Rockwell Medical, Inc. (NASDAQ:RMTI) Sees Large Decline in Short Interest

Rockwell Medical, Inc. (NASDAQ:RMTI) saw a significant drop in short interest in 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. Approximately 2.3% of the company’s shares are sold short. Based on an average daily volume of 42,968 shares, the short-interest ratio is presently 2.0 days.

Rockwell Medical Stock Up 1.5%

NASDAQ RMTI traded up $0.10 during trading hours on Friday, reaching $6.63. 8,828 shares of the company’s stock were exchanged, compared to its average volume of 49,202. The company’s 50-day moving average is $6.59 and its two-hundred day moving average is $8.55. Rockwell Medical has a one year low of $4.89 and a one year high of $21.00. The company has a debt-to-equity ratio of 0.23, a quick ratio of 3.43 and a current ratio of 3.74. The company has a market capitalization of $26.32 million, a price-to-earnings ratio of -4.42 and a beta of 1.61.

Rockwell Medical (NASDAQ:RMTI) last announced its earnings results on Thursday, May 7th. The company reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.30). Rockwell Medical had a negative return on equity of 15.41% and a negative net margin of 7.98%.The company had revenue of $17.34 million for the quarter, compared to analyst estimates of $17.95 million. On average, analysts forecast that Rockwell Medical will post -0.76 EPS for the current fiscal year.

Institutional Investors Weigh In On Rockwell Medical

A number of hedge funds and other institutional investors have recently made changes to their positions in RMTI. Vanguard Group Inc. boosted its stake in Rockwell Medical by 12.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,354,147 shares of the company’s stock worth $1,625,000 after purchasing an additional 148,737 shares during the period. Geode Capital Management LLC increased its holdings in Rockwell Medical by 12.9% during the 4th quarter. Geode Capital Management LLC now owns 364,816 shares of the company’s stock worth $304,000 after purchasing an additional 41,668 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of Rockwell Medical in the 4th quarter valued at about $84,000. XTX Topco Ltd raised its stake in shares of Rockwell Medical by 286.5% in the 4th quarter. XTX Topco Ltd now owns 62,097 shares of the company’s stock valued at $52,000 after purchasing an additional 46,029 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in shares of Rockwell Medical by 36.5% in the first quarter. Renaissance Technologies LLC now owns 639,120 shares of the company’s stock valued at $571,000 after purchasing an additional 170,800 shares in the last quarter. 23.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on RMTI shares. HC Wainwright reissued a “buy” rating and issued a $20.00 price target (up from $2.00) on shares of Rockwell Medical in a report on Thursday, July 9th. Wall Street Zen raised Rockwell Medical from a “sell” rating to a “hold” rating in a research note on Saturday, March 28th. Finally, Weiss Ratings lowered Rockwell Medical from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 15th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $20.00.

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.