UPDATE: Oppenheimer Initiates Coverage on Rockwell Medical with Outperform Rating, $24 PT on Significant Expected Upside

In a report published Wednesday, Oppenheimer analyst Ling Wang initiated coverage on

with an Outperform rating and $24.00 price target. In the report, Oppenheimer noted, “We are initiating coverage on RMTI with an Outperform rating and price target of $24. We expect RMTI shares to have significant upside to be driven by the potential regulatory approval of Triferic™ as iron replacement therapy for chronic kidney disease (CKD) patients on hemodialysis in 1Q15, possible market launch of both Triferic™ and Calcitriol in 1H15 and significant top and bottom line growth (we project RMTI reaching profitability in 2015 assuming Triferic™ approval).” Rockwell Medical closed on Tuesday at $9.51.