Brean is out with a decisively negative note on Rockwell Medical (RMTI), calling Triferic "far from terrific."
Analyst Jonathan Aschoff doesn't mince words in initiating the shares at Sell: "We believe the FDA will reject Triferic due to poor clinical trial design and questionable efficacy."
"CRUISE had a questionable design that we view as unlikely to result in approval," Aschoff says, elaborating. "More than 80% of the patients in all CRUISE arms did not complete the 48-week treatment period, making the primary endpoint evaluation period highly variable."
Price target is $4, representing downside of more than 70% from Monday's close.
For more on the CRUISE trials, see here.
RMTI -7% premarket