Medical Micro Cap Surges On Updated Price Target

By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, August 30, 2022

A Michigan-based pharma company is turning heads Tuesday morning after it was announced that HC Wainwright & Co. raised the price target for this micro cap from $3.00/share to $8.00/share. This naturally boosted shares of Rockwell Medical Inc. (Nasdaq:RMTI) quite a bit as they closed yesterday’s session at just $1.42/share.

Rockwell Medical Inc is a US-based fully-integrated biopharmaceutical company targeting end-stage renal disease (ESRD) and chronic kidney disease with its products and services for the treatment of iron deficiency, and hemodialysis. The company's drug products are Triferic. Triferic is a therapy indicated to replace iron and maintain hemoglobin in adult hemodialysis patients with chronic kidney disease. The company operates in one segment of the hemodialysis market which involves the exports, manufacture, sale, and distribution of hemodialysis products. Key revenue is generated from the United States.

Traders were eager to get in front of this announcement as they pushed shares of RMTI up to $1.67/share (+17.61%) at the early session high.

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