UPDATE: Stifel Starts CTI BioPharma (CTIC) at Buy
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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."
Shares of CTI BioPharma closed at $2.34 yesterday.
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