Celator Pharmaceuticals Inc (NASDAQ:CPXX), a biopharmaceutical company that is transforming the science of combination therapy and developing products to improve patient outcomes in cancer, today announced the appointment of Michael R. Dougherty as Executive Chairman of its Board of Directors. Mr. Dougherty has been a director of Celator since July 2013 and has served as Chairman since September 2014.
Mr. Dougherty has over 30 years of experience in the biopharmaceuticals industry, initially joining Centocor, Inc in 1983 in the financial group, and later serving as Senior VP and CFO. More recently, Mr. Dougherty has served as Chief Executive Officer of Kalidex Pharmaceuticals, Inc. and as President and Chief Executive Officer of Adolor Corporation. Mr. Dougherty currently serves on the Board of Directors of Cempra, Inc., Trevena, Inc. and Biota Pharmaceuticals, Inc. and previously served on the Board of Directors of ViroPharma Incorporated from January 2004 to January 2014.
“I am honored to take on this new role at Celator,” said Mr. Dougherty. “These are transformational days at Celator, with data on overall survival from our Phase 3 study of VYXEOS™ (CPX-351) expected in the first quarter of 2016, and important results from our CombiPlex® technology platform studies anticipated in the coming months. I look forward to working closely with Scott Jackson and the other members of Celator’s leadership team in fulfilling our mission of bringing new and more effective cancer therapies to patients.”
“Celator will continue to benefit from Mike’s experiences and insights as a seasoned executive in the biopharmaceutical industry,” said Scott Jackson, chief executive officer of the Company. “I look forward to working closely with Mike in his new role.” (Original Source)
Shares of Celator Pharmaceuticals closed last Friday at $2.13. CPXX has a 1-year high of $3.53 and a 1-year low of $1.58. The stock’s 50-day moving average is $2.25 and its 200-day moving average is $2.38.
On the ratings front, Celator Pharmaceuticals has been the subject of a number of recent research reports. In a report issued on August 12, MLV & Co. analyst Thomas Yip maintained a Buy rating on CPXX, with a price target of $6, which implies an upside of 181.7% from current levels. Separately, on August 11, Roth Capital’s Joseph Pantginis maintained a Buy rating on the stock and has a price target of $18.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Thomas Yip and Joseph Pantginis have a total average return of -2.6% and -4.9% respectively. Yip has a success rate of 33.3% and is ranked #2939 out of 3737 analysts, while Pantginis has a success rate of 34.4% and is ranked #3664.