Wednesday, November 11, 2015 8:08:45 AM
Brean Capital analyst Jonathan Aschoff reiterated a Sell rating and $4 price target on Rockwell Medical Technologies (NASDAQ: RMTI) noting Triferic sales were not material enough to even disclose.
Aschoff commented, "Rockwell launched Triferic in the US in September but has not yet generated sales material enough to report separately as Triferic revenue. Rockwell admitted the sales are minimal, and prices are currently being negotiated with individual dialysis providers. We expect dismal commercial uptake for Triferic and reiterate our Sell rating and $4 TP. Rockwell claims that one of the four largest dialysis providers signed a contract with Triferic, with none of the dialysis provider information provided. We do not have any clarity on the name of the provider, the length of the contract or the timeline to disclose such information. We are quite confident, however, that describing it as "one of the top four" means that it is either US Renal Care or Dialysis Clinic Inc., both of which are far smaller than the two biggest dialysis providers. Some minor clinics have ordered Triferic, but no material sales have yet resulted. Rockwell has not set a date to discuss Triferic with the EU agencies, and we are not confident about its plan to expand into 30-40 countries worldwide. As for the generic drug Calcitriol, which was approved in June 2014, it has not even yet been launched. We believe it will not add meaningful value to Rockwell, since IV Calcitriol will be subject to bundled reimbursement and that oral Calcitriol has been approved for many years, is inexpensive and widely available, and that there are several far larger competitors, some of which have both doses of generic IV Calcitriol.:
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Shares of Rockwell Medical Technologies closed at $11.47 yesterday.
Recent RMTI News
- Rockwell Medical Named a Fortune 'Best Workplaces in Manufacturing & Production' • Business Wire • 09/18/2024 08:30:00 PM
- Rockwell Medical Named a Fortune 'Best Workplaces in Manufacturing & Production' • Business Wire • 09/18/2024 10:00:00 AM
- Rockwell Medical Announces Product Purchase Agreement with Leading At-Home and Acute Care Dialysis Provider • Business Wire • 09/09/2024 10:00:00 AM
- Rockwell Medical Enters into Multi-Million Dollar Distribution Agreement with Nipro Medical Corporation • Business Wire • 09/03/2024 10:00:00 AM
- Form SCHEDULE 13G/A - Statement of Beneficial Ownership by Certain Investors: [Amend] • Edgar (US Regulatory) • 08/20/2024 06:22:53 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/08/2024 08:51:17 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/08/2024 11:00:57 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/08/2024 10:14:18 AM
- Rockwell Medical Reports Profitability on a Cash Flow and Adjusted EBITDA Basis in the Second Quarter of 2024 • Business Wire • 08/08/2024 10:00:00 AM
- Rockwell Medical Launches Convenience Pack to Support Home Hemodialysis and Acute Dialysis Facilities • Business Wire • 08/07/2024 10:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/15/2024 10:50:39 AM
- Rockwell Medical to Present at the H.C. Wainwright 3rd Annual Kidney Virtual Conference • Business Wire • 07/15/2024 10:45:00 AM
- Rockwell Medical to Release Second Quarter 2024 Results on Thursday, August 8, 2024 • Business Wire • 07/11/2024 10:00:00 AM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 11:51:54 PM
- Rockwell Medical Promotes Tim Chole to Chief Commercial Officer • Business Wire • 05/30/2024 10:00:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/23/2024 11:10:26 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/23/2024 11:07:55 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/23/2024 11:06:52 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/23/2024 11:05:06 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/23/2024 11:02:35 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/23/2024 09:12:01 PM
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