H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on CytRx Corporation (CYTR) today and set a price target of $4.50. The company’s shares closed yesterday at $0.53, close to its 52-week low of $0.33.
Selvaraju commented:
“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) $55M to the LADR portfolio of candidates, which includes the companion diagnostic platform.”
According to TipRanks.com, Selvaraju has 0 stars on 0-5 star ranking scale with an average return of -21.7% and a 16.8% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, EyePoint Pharmaceuticals Inc, and Bausch Health Companies 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 September 30, the company reported a quarterly GAAP net loss of $3.29 million. In comparison, last year the company had a GAAP net loss of $4.46 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.
