BTIG Starts Rockwell Medical Technologies (RMTI) at Buy
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BTIG initiated coverage on Rockwell Medical Technologies (NASDAQ: RMTI) with a Buy rating and a price target of $12. Analyst Ling Wang highlighted Triferic's value proposition.
"RMTI’s lead asset, Triferic, has the potential to replace IV iron in hemodialysis patients. Although there is a near-term delay in Triferic ramp-up due to pursuing transitional add-on reimbursement, we view the effort as worthwhile, given the added incentive for dialysis providers. Our Buy thesis is not based on securing transitional add-on payment. Rather, we believe Triferic’s value proposition remains intact even without it. We see RMTI shares as significantly undervalued at the current level with Triferic (projected peak sales of $180M+), Calcitriol (peak sales of $48M+) and a base business with a revenue run rate of ~$50M," said Wang.
Shares of Rockwell Medical Technologies closed at $7.37 yesterday.
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