BTIG Affirms Rockwell Medical Tech (RMTI) at 'Buy'; Still Sees as Undervalued with Two Approved Product
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BTIG affirms Rockwell Medical Technologies (Nasdaq: RMTI) at Buy with a price target of $12 after the company posted Q3 results on Monday night.
Analyst Ling Wang summarized:
Rockwell Medical reported 3Q16 EPS of $(0.09) vs. consensus of $(0.10) and our estimate of $(0.11), primarily due to lower than projected R&D expenses. It ended 3Q16 with cash & equivalents of $57.7M. RMTI continues to make progress in securing transitional add-on reimbursement for Triferic. Per the 3Q16 call, the FDA requires additional stability data for Calcitriol, which should be ready later this month. We continue to view RMTI shares as significantly undervalued with two approved products.
On reimbursement, the analyst commented,
With the progress made, management appeared confident for a potential positive CMS decision on Triferic’s reimbursement. Although it is challenging to predict the timing, we believe Triferic can achieve commercial success even without reimbursement, given its value proposition. In fact, our prior conversation with a dialysis center that has used Triferic indicated an over 50% ESA reduction after Triferic usage.
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