UPDATE: Stifel Starts CTI BioPharma (CTIC) at Buy

May 6, 2021 4:35 AM EDT
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Price: $2.50 -0.79%

Rating Summary:
    11 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 12 | New: 42
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(Updated - May 6, 2021 5:07 AM EDT)

Stifel analyst Benjamin Burnett initiates coverage on CTI BioPharma (NASDAQ: CTIC) with a Buy rating and a price target of $5.50.

The analyst comments "We think the bull/bear debate on CTI Biopharma (CTIC) centers around the size of the pacritinib market opportunity in myelofibrosis, and to a lesser extent the drug’s approvability. Our Buy rating is based on the belief that pacritinib’s clinical profile is ideally suited for a niche segment of highly underserved myelofibrosis patients who have severe thrombocytopenia (<50,000 platelets/µL) where not only are there no approved agents, but competitive R&D is sparse. We also expect pacritinib to benefit from strong pricing power given the orphan nature of myelofibrosis, and precedence set by approved drugs in this category (Jakafi/Inrebic). We’re therefore optimistic into the pacritinib launch as we believe CTIC’s fully diluted market cap of roughly $366mm is undervalued relative to our peak sales forecast of approximately $400mm in 2024 and out-year forecast of about $300mm (once prevalent patients have worked through the model). Finally, we think approval is likely given FDA feedback and clinical results in this population."

For an analyst ratings summary and ratings history on CTI BioPharma click here. For more ratings news on CTI BioPharma click here.

Shares of CTI BioPharma closed at $2.34 yesterday.


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