H.C. Wainwright analyst Andrew Fein was out pounding the table on CytRx Corporation (NASDAQ:CYTR) Friday, reiterating a Buy rating and price target of $10.00, which represents a potential upside of 208% from where the stock is currently trading.
Fein wrote, “In the last two weeks, we have observed two separate events that in our view signal a move for CytRx towards potential composite value. First, the ongoing Phase 3 sarcoma study of the company’s lead asset Aldoxorubicin reached the number of events required to trigger a statistical data analysis of the primary endpoint of PFS (n=191), which is expected to generate a topline report by the end of the current quarter. Second, at this week’s AACR meeting, the company gave a preclinical peek at some of its linker technology (LADR) coming out of its Freiburg research center.”
“In our view, the factors that pressured CYTR shares through most of 2015 are now behind (including clinical hold and litigation), and in their wake share price has remained mostly range bound/flat, which is an atypical lead-in to pivotal oncology data. Overall, we reiterate our Buy rating and $10 price target ahead of the imminent Aldox data in sarcoma, and also in light of the accretive pipeline that is now in full focus,” the analyst concluded.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Andrew Fein has a yearly average return of 8.3% and a 47% success rate. Fein has an -28.5% average return when recommending CYTR, and is ranked #440 out of 3907 analysts.