Rockwell Medical Technologies (RMTI) renewed its distribution agreement with Nipro Medical for another three years. Rockwell Medical focuses on the development and commercialization of treatments against diseases such as end-stage renal disease and chronic kidney disease.
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Following the announcement, shares of the company declined 4% in Friday’s extended trading session after closing 6.8% higher on the day.
Per the agreement, Rockwell Medical will continue to distribute its dialysis concentrates to many countries in Latin America and the Caribbean.
Rockwell Medical CEO Russell Ellison said, “We have a longstanding relationship with Nipro Medical Corporation, a partner of choice, and are pleased to extend our distribution agreement to continue to bring important dialysate concentrate products to patients.”
He further added, “We look forward to working with Nipro to optimize sales of Triferic in numerous countries in Latin America and the Caribbean.” (See Rockwell Medical stock analysis on TipRanks)
The stock has picked up one analyst rating in the past three months. On June 7, H.C. Wainwright analyst Ram Selvaraju reiterated the stock’s price target of $5.50 (455.7% upside potential) and a Buy rating. Shares have decreased 51.5% over the past year.
Selvaraju commented, “We continue to believe that, depending upon the nature of the commercial trajectory of the Triferic franchise, Rockwell may achieve cash flow breakeven in 2023.”
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