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

Rockwell Medical, Inc. (NASDAQ:RMTI) saw a large drop in short interest in the month of April. As of April 30th, there was short interest totaling 387,448 shares, a drop of 60.9% from the April 15th total of 990,637 shares. Approximately 1.0% of the company’s stock are sold short. Based on an average daily trading volume, of 211,636 shares, the short-interest ratio is presently 1.8 days.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Wall Street Zen upgraded Rockwell Medical from a “sell” rating to a “hold” rating in a research note on Saturday, March 28th. HC Wainwright reduced their target price on Rockwell Medical from $2.50 to $2.00 and set a “buy” rating for the company in a research note on Monday, March 30th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Rockwell Medical in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $2.00.

Hedge Funds Weigh In On Rockwell Medical

Hedge funds and other institutional investors have recently modified their holdings of the business. Corsair Capital Management L.P. purchased a new position in shares of Rockwell Medical in the 1st quarter worth approximately $45,000. XTX Topco Ltd boosted 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 worth $52,000 after buying an additional 46,029 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of Rockwell Medical in the 4th quarter worth approximately $84,000. GSA Capital Partners LLP boosted its stake in shares of Rockwell Medical by 635.1% in the 3rd quarter. GSA Capital Partners LLP now owns 163,978 shares of the company’s stock worth $197,000 after buying an additional 141,672 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of 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 last quarter. Hedge funds and other institutional investors own 23.31% of the company’s stock.

Rockwell Medical Stock Down 0.6%

RMTI stock traded down $0.00 during mid-day trading on Friday, reaching $0.79. 379,090 shares of the company traded hands, compared to its average volume of 256,376. The stock has a market cap of $31.26 million, a price-to-earnings ratio of -5.28 and a beta of 1.65. The company has a quick ratio of 3.63, a current ratio of 3.74 and a debt-to-equity ratio of 0.23. Rockwell Medical has a fifty-two week low of $0.74 and a fifty-two week high of $2.10. The firm’s 50 day moving average price is $0.91 and its 200 day moving average price is $0.95.

Rockwell Medical (NASDAQ:RMTI) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.03). The company had revenue of $17.34 million for the quarter, compared to analyst estimates of $17.95 million. Rockwell Medical had a negative net margin of 7.98% and a negative return on equity of 15.41%. As a group, equities research analysts predict that Rockwell Medical will post -0.08 EPS for the current fiscal year.

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.