CTI BioPharma Corp. (NASDAQ:CTIC) and Baxter International Inc. (NYSE:BAX) announced that data from the randomized Phase 3 PERSIST-1 trial evaluating the investigational agent pacritinib in patients with myelofibrosis will be highlighted in a late-breaking oral presentation at the upcoming American Society of Clinical Oncology (ASCO) 2015 Meeting (May 29-June 2, 2015 in Chicago, Ill). These data have also been selected as part of this year’s official ASCO press briefing – titled “Targeted Therapy” – to be held on Saturday, May 30, 2015at 8:00 a.m. CT.

Myelofibrosis (a type of myeloproliferative neoplasm) is a rare, but serious and life-threatening chronic bone marrow disorder caused by the accumulation of malignant bone marrow cells that triggers an inflammatory response and scars the bone marrow. The replacement of bone marrow with scar tissue limits its ability to produce red blood cells, prompting the spleen and liver to take over this function. Pacritinib is a next generation JAK2/FLT3 inhibitor under investigation for the treatment of patients with myelofibrosis.

The details of the oral presentation are:

Title:  Results of the PERSIST-1 phase III study of pacritinib (PAC) versus best available therapy (BAT) in primary myelofibrosis (PMF), post-polycythemia vera myelofibrosis (PPV-MF) or post-essential thrombocythemia-myelofibrosis (PET-MF)
First Author: Ruben Mesa, M.D., Deputy Director, Mayo Clinic Cancer Center, Chair of theDivision of Hematology & Medical Oncology, Mayo Clinic Cancer Center, Scottsdale, AZ
Date/Time: Saturday, May 30 at 2:37 p.m. CT
Session: Leukemia, Myelodysplasia, and Transplantation
Abstract #: LBA7006 (Original Source)

Shares of CTI BioPharma Corp. closed yesterday at $1.84 . CTIC has a 1-year high of $3.36 and a 1-year low of $1.77. The stock’s 50-day moving average is $2.07 and its 200-day moving average is $2.24.

On the ratings front, Roth Capital analyst Debjit Chattopadhyay reiterated a Buy rating on CTIC, with a price target of $4.50, In a report issued on March 23. The current price target represents a potential upside of 144.6% from where the stock is currently trading, In a report issued on March 23. The current price target represents a potential upside of 144.6% from where the stock is currently trading

According to TipRanks.com, Chattopadhyay has a total average return of 15.5%, a 46.9% success rate, and is ranked #285 out of 3577 analysts.