Why Rockwell Medical (RMTI) Shares Are Trading Higher Today - Rockwell Medical (NASDAQ:RMTI)

HC Wainwright has increased the price target on Rockwell Medical Inc RMTI from $3 to $8, with a Buy rating, reflecting a 1-for-11 reverse stock split effected in May and a renewed focus on the hemodialysis concentrates business.
Rockwell Medical recorded Q2 sales of $18.7 million, the highest quarterly revenue recorded by the company since its inception.
The analyst believes that management's decision to prioritize stabilization of the established hemodialysis concentrates business should pay off.
"We expect the company to unlock value from its ferric pyrophosphate citrate (FPC) franchise, particularly once clinical development of FPC for use in the home-based setting is completed."
The analyst thinks the management might look for non-dilutive sources of capital to fund these initiatives.
Rockwell's partner in China, Wanbang Biopharmaceuticals, enrolled the final patient six months ahead of schedule in its 442-subject Phase 3 trial for Triferic, with topline data expected in 1H of 2023 and regulatory decision in China could come in 2024.
Price Action: RMTI shares are up 15.5% at $1.64 on the last check Tuesday.

Analyst Hikes Price Target, Expects Rockwell Medical To Take Steps To Improve Debt Position