Roth Keeps Cytori Therapeutics (CYTX) at 'Buy'; Still Encouraged by Streamlining Efforts

Roth Capital affirms Cytori Therapeutics (Nasdaq: CYTX) at Buy with a price target of $10 following Q1 results.

Analyst Joseph Pantginis noted that Cytori posted Q1 loss of $.14 per share, flat with consensus views. Revs of $1.43 million compared with the firm's expectation for $2.7 million.

Pantginis commented, We are encouraged by Cytori's continued streamlining of efforts based on three main fronts, 1) managerial, 2) commercial and, importantly, 3) clinical progress. Primary focus is currently on the ATHENA Phase II program in chronic heart failure. ATHENA-I has 26 patients enrolled (target 45 by year end) and ATHENA-II has 3 patients enrolled. The study is enrolling 2-4 patients per month and the FDA has allowed expanding the number of clinical trial sites from 8 to 10 in ATHENA-I and 10 to 12 in ATHENA-II. Only a single site is enrolling currently for ATHENA-II and when the 45 patients are enrolled into ATHENA-II, patients will be transition into high enrolling sites. Data from ATHENA-I could read out in the mid-2015 timeframe and management is encouraged by current enrollment trends. The company has an important meeting with BARDA on June 10, at which point it will discuss its deliverables to date and request moving to Option 1 in the development contract for radiation and thermal burns, which could be worth up to $35 million to Cytori. Four multiarm large animal studies have shown 1) increased rates of wound closure, 2) improved wound vascularity and 3) improvements relative to a widely used skin substitute. Each of these endpoints was placebo controlled. BARDA and Cytori have also been meeting with the FDA to discuss potential clinical steps forward for thermal burns. Commercial revenue could be bolstered with expansion into China and Japan, as well as continuing sign-on from clinical institutes interested in the Celution platform.

For an analyst ratings summary and ratings history on Cytori Therapeutics, Inc. click here. For more ratings news on Cytori Therapeutics, Inc. click here.

Shares of Cytori Therapeutics, Inc. closed at $2.49 yesterday.

You May Also Be Interested In

• Chipotle Mexican Grill (CMG) PT Raised to $3,050 at Stephens
• Veralto Corp. (VLTO) PT Raised to $101 at RBC Capital
• Boston Scientific (BSX) PT Raised to $84 at Baird