Maxim Group Reaffirms Buy On Cytori Therapeutics Following 3Q:14 Update
Maxim Group analyst Jason Kolbert reaffirmed a Buy rating on Cytori Therapeutics (NASDAQ:CYTX) with a price target of $4, which represents a potential upside of 830% from where the stock is currently trading. The report follows the company’s third-quarter results, with product revenues of just $0.5M, vs. total revenue of $1.1M. The total net loss was $9M.
On the clinical side, Kolbert noted, “As mentioned previously, Cytori received the green light from the FDA to restart enrollment in the ATHENA cardiovascular trials. The FDA has agreed that the submitted data and protocol amendments support the fact that there are no subject protection concerns that preclude continuation of the trials. We view this as positive; however, we believe that Cytori is likely to drive the trial to an interim stopping point, evaluate the totality of its cardiovascular data (combining results with other trials), and determine which signals are evident. Cytori will then look for a partner to move forward.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Kolbert has a total average return of 4.5% and a 42.1% success rate. Kolbert has a -46.6% average return when recommending CYTX, and is ranked #805 out of 3365 analysts.