CytRx Corporation (NASDAQ:CYTR), a biopharmaceutical research and development company specializing in oncology, today announced that two members of its clinical development team, Scott Wieland, Ph.D., Senior Vice President, Drug Development, and Nancy Wu, Senior Director of Clinical Operations, received the prestigious gold award at the PharmaTimes Clinical Researcher of the Year – The Americas competition held in Atlanta, Georgia. The award in the Strategic Partnership Team category is shared with CytRx’s partners at PRA Health Sciences, Inc., (PRA) (Nasdaq: PRAH), which was also recognized at the competition as the Best Clinical Research Company of the Year for the second consecutive year.
Based on its expertise and international presence, CytRx and PRA have worked together for several years to conduct the global, pivotal Phase 3 clinical trial with aldoxorubicin as a treatment for patients with second-line soft tissue sarcomas. Top-line data from the trial is expected in June 2016.
“On behalf of CytRx, I am proud to recognize Scott, Nancy and our partners at PRA for this achievement,” stated Daniel Levitt, M.D., Ph.D., CytRx’s Executive Vice President and Chief Medical Officer. “This highly experienced team is responsible for managing our pivotal Phase 3 trial with aldoxorubicin in second-line soft tissue sarcomas, including completing enrollment a quarter ahead of schedule.”
Organized by PharmaTimes, the Clinical Research of the Year competition is considered a barometer of quality standards in the Clinical Research Organizations (CRO) industry. The multi-stage competition is organized by an independent executive steering committee drawn from senior industry leaders from big and small pharmaceutical companies, leading CROs, and professional membership associations. The competition was held in association with the annual Meeting & Expo of the Association of Clinical Research Professionals (ACRP) that was held in Atlanta, Georgia, from April 16-19, 2016. (Original Source)
Shares of Cytrx closed last Friday at $3.34, up $0.09 or 2.77%. CYTR has a 1-year high of $5.16 and a 1-year low of $1.55. The stock’s 50-day moving average is $2.77 and its 200-day moving average is $2.63.
On the ratings front, CytRx has been the subject of a number of recent research reports. In a report issued on April 22, H.C. Wainwright analyst Andrew Fein reiterated a Buy rating on CYTR, with a price target of $10, which implies an upside of 199.4% from current levels. Separately, on April 18, Jefferies Co.’s Chris Howerton reiterated a Hold rating on the stock and has a price target of $2.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Andrew Fein and Chris Howerton have a total average return of 8.9% and 16.8% respectively. Fein has a success rate of 46.8% and is ranked #406 out of 3828 analysts, while Howerton has a success rate of 75.0% and is ranked #571.
Overall, one research analyst has assigned a Hold rating and 3 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $6.25 which is 87.1% above where the stock closed last Friday.
CytRx Corp. operates as a biopharmaceutical research and development company specializing in oncology. The company on the clinical development of aldoxorubicin oncology pipeline for the treatment of cancer. CytRx was founded on February 28, 1985 and is headquartered in Los Angeles, CA.