NEW YORK (AP) — Shares of Rockwell Medical climbed for a second session Thursday, after the company said its experimental anemia drug worked in a second late-stage clinical trial.
THE SPARK: Rockwell said early Wednesday that patients who took SFP, or soluble ferric phosphate, had higher hemoglobin levels and were better able to maintain those levels. The Wixom, Mich., company has now completed two late-stage trials intended to support its request for marketing approval of SFP.
THE BIG PICTURE: SFP is intended to treat anemia in patients with late-stage kidney disease, and it is designed to travel directly to the bone marrow, avoiding damage to the liver. Rockwell says small, frequent doses of soluble ferric pyrophosphate could be safer and more effective than the standard treatment, which involves large doses of intravenous iron.
Rockwell Medical Inc. reported successful results from a previous trial in July.
THE ANALYSIS: Stifel Nicolaus analyst Annabel Samimy said Thursday that the results from the trials were strong, and the safety data for SFP is favorable. He maintained a “Buy” rating on the shares with a price target of $11.
SHARE ACTION: Rockwell Medical shares picked up $1.94, or 32 percent, to $7.96 in extremely heavy afternoon trading. The stock gained 9 percent on Wednesday and is now more than double its price on July 10, the day before it reported its prior results.