UPDATE: Wedbush Raises PT on Rockwell Medical Technologies to $17

Wedbush is out with its report today on Rockwell Medical Technologies RMTI, raising its PT from $12 to $17. In a note to clients, Wedbush writes, "Reiterate OUTPERFORM rating and raising our fair value to $17 from $12. Our new fair value of $17 is calculated using a sum-of-parts analysis, applying a 30% annual discount to our peak annual sales estimate for SFP, incorporating a 1-10 multiple based on stage of clinical risk. We also value the ongoing dialysate business at 1x 2011 revenues. Our fair value has increased from $12 after adjusting our SFP revenue estimates to reflect a faster sales ramp and higher overall penetration." Shares of RMTI closed Wednesday at $12.91, down 1.60% from Tuesday's close.