Rockwell Medical, Inc. (NASDAQ:RMTI) Short Interest Up 91.2% in June

Rockwell Medical, Inc. (NASDAQ:RMTI) was the recipient of a large increase in short interest during the month of June. As of June 15th, there was short interest totaling 734,278 shares, an increase of 91.2% from the May 31st total of 383,990 shares. Based on an average trading volume of 386,686 shares, the days-to-cover ratio is presently 1.9 days. Approximately 2.0% of the company’s shares are sold short.

Rockwell Medical Trading Down 3.8%

NASDAQ:RMTI traded down $0.21 on Wednesday, reaching $5.30. 53,287 shares of the company’s stock were exchanged, compared to its average volume of 50,315. The firm has a market capitalization of $209.07 million, a price-to-earnings ratio of -35.31 and a beta of 1.58. Rockwell Medical has a 52-week low of $5.21 and a 52-week high of $21.00. The company has a quick ratio of 3.43, a current ratio of 3.74 and a debt-to-equity ratio of 0.23. The business has a fifty day moving average of $0.75 and a 200-day moving average of $0.89.

Rockwell Medical (NASDAQ:RMTI) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.30). The business had revenue of $17.34 million during the quarter, compared to analysts’ expectations of $17.95 million. Rockwell Medical had a negative net margin of 7.98% and a negative return on equity of 15.41%. As a group, analysts expect that Rockwell Medical will post -0.08 earnings per share for the current year.

Hedge Funds Weigh In On Rockwell Medical

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RMTI. Vanguard Group Inc. raised its stake in shares of Rockwell Medical by 12.3% in the third quarter. Vanguard Group Inc. now owns 1,354,147 shares of the company’s stock valued at $1,625,000 after acquiring an additional 148,737 shares in the last quarter. Renaissance Technologies LLC grew its stake in Rockwell Medical by 36.5% during the 1st quarter. Renaissance Technologies LLC now owns 639,120 shares of the company’s stock worth $571,000 after purchasing an additional 170,800 shares in the last quarter. Geode Capital Management LLC grew its stake in 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 purchasing an additional 41,668 shares in the last quarter. Jane Street Group LLC purchased a new stake in Rockwell Medical during the 4th quarter worth about $84,000. Finally, XTX Topco Ltd increased its holdings in Rockwell Medical by 286.5% during the 4th quarter. XTX Topco Ltd now owns 62,097 shares of the company’s stock worth $52,000 after purchasing an additional 46,029 shares during the period. Hedge funds and other institutional investors own 23.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Rockwell Medical from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. Weiss Ratings lowered Rockwell Medical from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, June 15th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Rockwell Medical in a research note on Friday, May 22nd. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average 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.