Shares of Celator Pharmaceuticals Inc (NASDAQ:CPXX) closed yesterday up almost 24% after the company reported that CPX-351, a drug aimed to treat Acute Myeloid Leukemia (AML), demonstrated a 43% higher response rate than “7 + 3” during an ongoing Phase 3 trial. MLV analyst Ken Trbovich weighed in with some insights on the company following the news.
Trbovich noted, “We initiated coverage of Celator late last week in anticipation of positive response rate in the Phase 3 trial and we are excited by the data announced this morning.” Further, “We are excited about the early results of the Phase 3 study and believe they are a good indicator that CPX-351 can show a benefit in overall survival when Celator reports those results in 1Q16.”
The analyst reiterated a Buy rating on Celator with a price target of $6.00.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ken Trbovich has a total average return of 3.1% and a 50.0% success rate. Trbovich is ranked #2643 out of 3632 analysts.