Rockwell Medical Inc. (RMTI) ascend after hours to $0.7151, with a huge leap of 48.61% against its close at $0.4812 on November 16. During market hours, the stock fell down by 5.37% at a volume of 12.3 million, compared to the after-hours’ volume of 11.18 million. The day range varied between $0.4610 and $0.5000, while the 52-week range is $0.4610 – $1.9800. Currently, RMTI trades at market capital of $47.74 million. The big jump in the stock was seen after the company announced the positive results of its new drug on-drug treatment on November 16 after the market closed.
Rockwell Medical Inc. (RMTI) is a biopharmaceutical company that targets end-stage renal disease and chronic kidney disease.
New Developments
The RMTI stock had been on a downtrend since it missed the consensus estimates for the third quarter on November 15, 2021. But the following day after market close, the announcement of the result of its drug-drug study put the stock on a bullish path.
RMTI Drug-Drug Medical Study
The recent RMTI medical study demonstrates no drug-drug interaction between ferric pyrophosphate citrate (FPC, Triferic) and unfractionated heparin (UFH). The results of the study were published in the Journal of Bioequivalence & Bioavailability.
According to the study, the co-administration of FPC, Triferic and UFH, for anticoagulation along with the delivery of iron, showed no drug-drug interaction. These findings confirm the results of RMTI’s previous study that anticoagulation along with iron delivery is safe and effective.
According to RMTI, the no drug-drug interaction between FPC and UFH is significant. UFH is the standard to provide anticoagulation in patients on hemodialysis. While FPC is essential for maintaining of hemoglobin in adult patients with hemodialysis-dependent chronic kidney disease (HDD-CKD). The co-administration of the two will make the treatment of HDD-CKD more effective.
RMTI’s Third Quarter Financials
On November 15, 2021, RMTI announced its financial results for the quarter that ended September 30, 2021. The net sales for Q3 2021 were $15.99 million ($16 million approx.), compared to $15.3 million for Q3 2020. While the net sales were $15.1 million in the previous quarter. The net sales increased by 6% quarter over quarter and 5% year over year, but it missed the consensus estimate by 11.47%.
Moreover, the net loss for Q3 2021 stood at $7.5 million, compared to $7.4 million during Q3 2020. The net loss per basic and diluted share of $0.08 missed the consensus estimate of $0.07. The net loss per basic and diluted share of Q3 2020 was $0.10.
