Rockwell Medical, Inc. (NASDAQ:RMTI) Short Interest Down 89.4% in July

Rockwell Medical, Inc. (NASDAQ:RMTI) was the target of a significant decrease in short interest during the month of July. As of July 15th, there was short interest totaling 85,486 shares, a decrease of 89.4% from the June 30th total of 803,271 shares. Based on an average daily volume of 42,968 shares, the days-to-cover ratio is presently 2.0 days. Currently, 2.3% of the shares of the stock are short sold.

Rockwell Medical Trading Up 1.5%

Shares of NASDAQ:RMTI traded up $0.10 during trading on Friday, hitting $6.63. 8,828 shares of the company’s stock were exchanged, compared to its average volume of 49,202. The company has a current ratio of 3.74, a quick ratio of 3.43 and a debt-to-equity ratio of 0.23. The firm has a market cap of $26.32 million, a P/E ratio of -4.42 and a beta of 1.61. The firm has a 50-day moving average price of $6.59 and a two-hundred day moving average price of $8.55. Rockwell Medical has a 1-year low of $4.89 and a 1-year high of $21.00.

Rockwell Medical (NASDAQ:RMTI) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.40) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.30). Rockwell Medical had a negative net margin of 7.98% and a negative return on equity of 15.41%. The business had revenue of $17.34 million during the quarter, compared to analyst estimates of $17.95 million. Equities analysts predict that Rockwell Medical will post -0.76 earnings per share for the current year.

Institutional Investors Weigh In On Rockwell Medical

Institutional investors have recently made changes to their positions in the stock. Corsair Capital Management L.P. acquired a new position in Rockwell Medical in the first quarter valued at about $45,000. XTX Topco Ltd boosted its holdings 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 buying an additional 46,029 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of Rockwell Medical during the 4th quarter worth about $84,000. Geode Capital Management LLC grew its position in shares of Rockwell Medical by 12.9% during 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 period. Finally, Renaissance Technologies LLC increased its stake in shares of Rockwell Medical by 36.5% in the 1st quarter. Renaissance Technologies LLC now owns 639,120 shares of the company’s stock valued at $571,000 after acquiring an additional 170,800 shares during the last quarter. 23.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RMTI has been the subject of several research analyst reports. HC Wainwright restated a “buy” rating and issued a $20.00 price objective (up from $2.00) on shares of Rockwell Medical in a research report on Thursday, July 9th. Weiss Ratings lowered Rockwell Medical from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, June 15th. Finally, Wall Street Zen upgraded Rockwell Medical from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th. 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, Rockwell Medical has a consensus rating of “Hold” and an average target price of $20.00.

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.