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

Rockwell Medical, Inc. (NASDAQ:RMTI) was the recipient of a significant increase in short interest during the month of June. As of June 15th, there was short interest totaling 734,278 shares, an increase of 91.2% from the May 31st total of 383,990 shares. Approximately 2.0% of the shares of the company are sold short. Based on an average daily trading volume, of 386,686 shares, the days-to-cover ratio is presently 1.9 days.

Analyst Upgrades and Downgrades

RMTI has been the subject of a number of recent analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Rockwell Medical in a research report on Friday, May 22nd. Wall Street Zen raised Rockwell Medical from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. Finally, Weiss Ratings cut Rockwell Medical from a “sell (d-)” rating to a “sell (e+)” rating in a research note 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. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $20.00.

Rockwell Medical Trading Up 6.7%

Shares of NASDAQ:RMTI opened at $5.54 on Friday. Rockwell Medical has a 12-month low of $4.88 and a 12-month high of $21.00. The business has a 50 day moving average of $7.36 and a 200-day moving average of $8.81. The company has a quick ratio of 3.43, a current ratio of 3.74 and a debt-to-equity ratio of 0.23. The stock has a market cap of $21.88 million, a PE ratio of -3.69 and a beta of 1.61.

Rockwell Medical (NASDAQ:RMTI) last announced its earnings results on Thursday, May 7th. The company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.30). The firm had revenue of $17.34 million for the quarter, compared to the consensus estimate of $17.95 million. Rockwell Medical had a negative return on equity of 15.41% and a negative net margin of 7.98%. As a group, equities research analysts forecast that Rockwell Medical will post -0.8 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in RMTI. Corsair Capital Management L.P. bought a new stake in shares of Rockwell Medical in the first quarter valued at about $45,000. XTX Topco Ltd increased its position in Rockwell Medical by 286.5% during the fourth quarter. XTX Topco Ltd now owns 62,097 shares of the company’s stock worth $52,000 after acquiring an additional 46,029 shares during the period. Jane Street Group LLC bought a new position in Rockwell Medical during the fourth quarter worth about $84,000. Geode Capital Management LLC raised its stake 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 purchasing an additional 41,668 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in Rockwell Medical by 36.5% in the 1st quarter. Renaissance Technologies LLC now owns 639,120 shares of the company’s stock worth $571,000 after purchasing an additional 170,800 shares in 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.