Rockwell Medical, Inc. (NASDAQ: RMTI)
Rockwell Medical, Inc. (RMTI) an integrated biopharmaceutical company announced on Monday the filing of an IND to investigate Triferic as a possible treatment for patients with a rare anemia condition call iron-refractory, an iron deficiency anemia.
Rockwell Medical, Inc. Chief Medical Officer Comments
Raymond D. Pratt, Chief Medical Officer of Rockwell stated, “IRIDA patients currently have no available treatment options, and we believe that Triferic can address this unmet need and offer patients a form of iron which can treat their anemia and improve their well-being. We plan to begin conducting studies with Triferic for this orphan disease this year. Rockwell is committed to exploring the unique properties of Triferic to benefit patients not only with renal disease but also in conditions where elevated hepcidin leads to functional iron deficiency.” Globe Newswire
RMTI Technical Analysis
RMTI gapped up in price yesterday to $8.18, up from the prior day’s close of $7.87, which is a 4% increase in price. Taking a look at the daily chart we can see that the last time RTMI traded above this price level was on January 7th when it traded at $8.19. Taking a closer look at the daily chart we can see that RMTI has been on an overall decline dating back to October 16th when it traded at $13.46. RMTI has a float of 46.85 million shares and is trading 2 times the normal daily trading volume. RMTI did reach pre market highs of $8.25, but gave back $0.07 at the open. For trading purposes, my entry point would have been $8.25 looking for a run to $9. My stop loss would have been $8.00, fearing anything below that and the stock would start to fill in the gap up.
Rockwell Medical, Inc. operates as an integrated biopharmaceutical company in the United States and internationally. It offers products and services for the treatment of end-stage renal disease, chronic kidney disease, iron deficiency, secondary hyperparathyroidism, and hemodialysis. The companys products are used to cleanse patients’ blood and replace nutrients lost during the kidney dialysis process. Its lead drug include Triferic, an iron compound that is delivered to hemodialysis patients via dialysate, replacing the ongoing iron loss that occurs during their dialysis treatment. The company also provides Calcitriol, a generic active vitamin D indicated for the treatment of secondary hyperparathyroidism in dialysis patients. In addition, it manufactures, sells, delivers, and distributes hemodialysis concentrates, such as CitraPure citric-acid concentrate, Dri-Sate dry acid concentrate, Renal Pure liquid acid concentrate, dry acid concentrate mixer, Renalpure powder bicarbonate concentrate, and SteriLyte liquid bicarbonate concentrate; and ancillary products, including blood tubings, fistula needles, specialized custom kits, dressings, cleaning agents, filtration salts, and other supplies used by hemodialysis providers. The company sells its products directly to hemodialysis providers, as well as through independent sales agents and distributors. Rockwell Medical, Inc. was founded in 1995 and is based in Wixom, Michigan. Yahoo Finance