H.C. Wainwright Reiterates Buy On CTI Biopharma Following 2Q14 Earnings Report
In a research report released today, H.C. Wainwright analyst Reni Benjamin reiterated a Buy rating on CTI Biopharma (CTIC) with a $6 price target, following the company’s second-quarter earnings report.
Benjamin noted, “For 2Q14, CTI reported revenue of $1.3 MM, roughly in-line with our estimate of $1.5 MM. Net product sales of Pixuvri were $1.1 MM. The company reported a net loss of $(27.4) MM, or $(0.19) per share versus our net loss estimate $(29.1) MM, or $(0.20) per share. Of importance, approximately $5.4 MM was related to non-cash stock based compensation”.
Furthermore the analyst wrote, “CTI’s core biotechnology franchise is comprised of pacritinib, a novel JAK2/ FLT-3 inhibitor currently in Phase 3 clinical trials and partnered with Baxter Healthcare (BAX), the aminopeptidase inhibitor tosedostat currently being evaluated in AML/MDS, as well as an approved chemotherapeutic, Pixuvri, marketed in Europe for the treatment of third-line aggressive non-Hodgkin’s Lymphoma. With a solid portfolio of late-stage assets, multiple near-term drivers including top-line Phase 3 data by 1Q15, and a cash position of $53.2 MM (proforma), we believe CTI BioPharma remains undervalued with significant upside for the long-term investor”.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Reni Benjamin has a total average return of -0.8% and a 36.7% success rate. Benjamin has a 1.7% average return when recommending CTIC, and is ranked #2552 out of 3203 analysts.
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