H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on CytRx Corporation (NASDAQ: CYTR) today and set a price target of $4.50. The company’s shares closed yesterday at $1.11, close to its 52-week low of $1.06.
Selvaraju wrote:
“Our price target is based on a composite valuation assessment that ascribes: (1) $105M to the future royalty streams from sales of aldoxorubicin, to which we assign a 60% probability of success and 12% discount rate; and (2) $80M to the LADR portfolio of candidates, which includes the companion diagnostic platform.”
According to TipRanks.com, Selvaraju is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -2.8% and a 34.9% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, Biospecifics Technologies Corp, and EyePoint Pharmaceuticals Inc.
Currently, the analyst consensus on CytRx Corporation is a Moderate Buy with an average price target of $4.50.
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Based on CytRx Corporation’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $3.01 million. In comparison, last year the company had a GAAP net loss of $14.36 million.
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CytRx Corp. operates as a biopharmaceutical research and development company specializing in oncology. It focuses on discovering, developing, and commercializing new therapeutics to treat patients with cancer; including aldoxorubicin, a modified version of the widely-used chemotherapeutic agent, doxorubicin.
