Jefferies Cuts Price Target on CytRx (CYTR) Following 4Q Results

Jefferies maintained a Hold rating on CytRx Corp (NASDAQ: CYTR), and cut the price target to $2.50 (from $3.00), following the company's 4Q earnings report. CYTR reported a 2015 net-loss of ($58.6M) versus estimates of (~$50M), an EPS of ($0.97) versus estimates of ($0.78), and cash of $22.3M. Ongoing ph 3 pivotal trial for Aldox in 2nd line soft tissue sarcoma (STS) is fully enrolled and topline results are on track for 2Q16.

Analyst Chris Howerton commented, "In our view, 2016 will likely be a transformational year for CYTR: the critical ph 3 topline results for Aldox in 2nd-line STS is exp. in 2Q16 & incremental updates for DK049 could happen throughout the year (IND exp YE16). Of note, CYTR secured up to $40M in debt financing which mgmt expects to fund Aldox launch under supervision of new CCO."

For an analyst ratings summary and ratings history on CytRx Corp click here. For more ratings news on CytRx Corp click here.

Shares of CytRx Corp closed at $2.36 yesterday.

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