CTI BioPharma (CTIC) PT Lowered to $7 at Needham & Company

Needham & Company lowered its price target on CTI BioPharma (NASDAQ: CTIC) to $7.00 (from $10.00) while maintaining a Buy rating.

Analyst Chad Messer commented, "Based on feedback from the FDA, pacritinib will require an additional Phase III study for approval. CTI will meet again with the agency following the 2nd interim readout from PAC203 in 3Q. This Phase II dose finding study will assist in defining the Phase III protocol. The new Phase III study will initiate in 2019, pushing out our expectations for a US pacritinib launch by ~2 years. While not the ideal outcome we had been looking for, we believe we now have better visibility on the path to approval. We are optimisitc that the PAC203 efficacy results will support the path forward for pacritinib by identifying the appropriate dosing regimen. We are reducing our price target to $7 based on the postponement of pacritinib launch but remain buyers of CTIC."

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