Merriman Curhan Ford Initiates Coverage on Cyclacel Pharmaceuticals (CYCC) with a Buy

October 28, 2009 7:34 AM EDT

Merriman Curhan Ford initiates coverage on Cyclacel Pharmaceuticals (Nasdaq: CYCC) with a Buy. Price target $7-8.

Merriman analyst says, "Cyclacel finds itself in a unique position as one of the few companies with a viable compound for the treatment of acute myeloid leukemia (AML). Investor frustration towards companies in the AML space has run at extremely high levels in recent years due to the lack of clinical advancement of a variety of compounds from multiple publically traded companies. The recent rejection by the FDA’s ODAC panel of Genzyme’s Clolar and Vion’s Onrigin only served to reinforce this sentiment. This “negative halo” effect has served to unfairly depress the shares of Cyclacel, in our opinion. However, we believe this sentiment is about to change, and expect positive results in the near term from Cyclacel’s Phase II trial of sapacitabine for the treatment of AML in an elderly patient population."

To see more analyst ratings on CYCC Click Here.

Cyclacel Pharmaceuticals, Inc., a development-stage biopharmaceutical company, engages in the discovery, development, and commercialization of novel, mechanism-targeted drugs to treat human cancers and other serious disorders.

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