Brean Murray Initiates CytRx Corp. (CYTR) with a Buy
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Brean Murray initiates coverage on CytRx Corp. (NASDAQ: CYTR) with a Buy rating and a $3 price target.
The firm said, "Given CytRx's non-existent enterprise value, investors are giving no value to its pipeline of six clinical-stage drugs and several preclinical programs. The current valuation is even lower than the value of its current net cash plus its stake in RXi. We also believe that our mere market valuation for the RXi stake is extremely conservative, considering that Sirna Therapeutics and Alnylam have clearly demonstrated large pharma’s interest in therapeutic RNAi."
The firm also highlighted CYTR's plans to acquire Innovive, which will give the company tamibarotene, an oral retinoid with higher selectivity. In addition, CYTR has two clinical-stage molecular chaperone inducing products, arimoclomol and iroxanadine, that have completed Phase 2a and Phase 2 trials and that may proceed subject to FDA clearance.
CytRx Corporation, a biopharmaceutical research and development company, engages in developing human therapeutic products primarily based upon small molecule molecular chaperone co-induction technology.
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Comments
Excellent Call
I thought I was crazy. Thank you for stepping in and validating my own internal analysis of Cytrx. Great Call. I hope other Analysts/Brokers will follow suite.
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bill levy on Jun 17, 2008 04:59 PMWhat a great stock specializing in cutting edge breakthroughs. I purchased the stock when it was much higher and have just purchased more for the long haul. I did the same thing with Innovative Solutions years ago and look what happened