Rockwell Medical Inc. (NASDAQ:RMTI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday.
According to Zacks, “Rockwell Medical Technologies, Inc. manufactures hemodialysis concentrates and dialysis kits, and sells, distributes and delivers such concentrates and dialysis kits, as well as other ancillary hemodialysis products, to hemodialysis providers in the United States. Hemodialysis is a process which is able to duplicate kidney function in patients whose kidneys have failed to function properly. “
Separately, BTIG Research assumed coverage on Rockwell Medical in a research report on Friday, August 19th. They set a “buy” rating and a $12.00 target price for the company. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. Rockwell Medical has a consensus rating of “Hold” and a consensus price target of $11.00.
Shares of Rockwell Medical (NASDAQ:RMTI) opened at 6.27 on Wednesday. The stock’s market capitalization is $323.07 million. Rockwell Medical has a 52-week low of $5.47 and a 52-week high of $13.50. The company’s 50 day moving average price is $6.83 and its 200 day moving average price is $7.80.
Rockwell Medical (NASDAQ:RMTI) last posted its quarterly earnings data on Monday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.10) by $0.01. Rockwell Medical had a negative net margin of 33.04% and a negative return on equity of 28.90%. The business had revenue of $12.50 million for the quarter, compared to analysts’ expectations of $13.86 million. During the same quarter in the previous year, the firm earned ($0.05) EPS. Rockwell Medical’s revenue was down 3.5% compared to the same quarter last year. On average, equities research analysts anticipate that Rockwell Medical will post ($0.37) EPS for the current year.
In other news, Director Kenneth L. Holt sold 8,075 shares of the business’s stock in a transaction on Monday, September 19th. The stock was sold at an average price of $6.81, for a total value of $54,990.75. Following the completion of the transaction, the director now directly owns 46,858 shares of the company’s stock, valued at approximately $319,102.98. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Kenneth L. Holt sold 3,692 shares of the business’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $7.31, for a total value of $26,988.52. Following the completion of the transaction, the director now directly owns 63,475 shares of the company’s stock, valued at $464,002.25. The disclosure for this sale can be found here. 15.90% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Rockwell Medical by 4.8% in the second quarter. Vanguard Group Inc. now owns 1,832,115 shares of the company’s stock valued at $13,870,000 after buying an additional 83,440 shares during the last quarter. Geode Capital Management LLC raised its position in Rockwell Medical by 0.8% in the first quarter. Geode Capital Management LLC now owns 307,440 shares of the company’s stock valued at $2,308,000 after buying an additional 2,500 shares during the last quarter. BlackRock Investment Management LLC raised its position in Rockwell Medical by 5.0% in the second quarter. BlackRock Investment Management LLC now owns 192,817 shares of the company’s stock valued at $1,460,000 after buying an additional 9,250 shares during the last quarter. Swiss National Bank raised its position in Rockwell Medical by 6.4% in the second quarter. Swiss National Bank now owns 93,100 shares of the company’s stock valued at $705,000 after buying an additional 5,600 shares during the last quarter. Finally, A.R.T. Advisors LLC bought a new position in Rockwell Medical during the first quarter valued at approximately $593,000. 21.72% of the stock is owned by hedge funds and other institutional investors.
About Rockwell Medical
Rockwell Medical, Inc (Rockwell) is a biopharmaceutical company targeting end-stage renal disease (ESRD) and chronic kidney disease (CKD) with products and services for the treatment of iron deficiency, secondary hyperparathyroidism and hemodialysis. The Company operates through the hemodialysis market segment, which involves the manufacture, sale and distribution of hemodialysis products to hemodialysis clinics, including pharmaceutical, dialysis concentrates, dialysis kits and other ancillary products used in the dialysis process.
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