Needham & Company Starts Celator Pharmaceuticals (CPXX) at Buy

Needham & Company initiates coverage on Celator Pharmaceuticals (NASDAQ: CPXX) with a Buy rating and a price target of $24.00.

Analyst Chad Messer commented, "In March Celator reported positive Phase III data for Vyxeos in secondary acute myeloid leukemia (AML) patients. Vyxeos had better overall survival than the standard of care "7+3" chemotherapy regimen, in addition to significant ease of use advantages. We estimate initial market for Vyxeos is about $750 million in the U.S. and Europe, but believe the drug could ultimately replace 7+3 for many high risk AML patients."

For an analyst ratings summary and ratings history on Celator Pharmaceuticals click here. For more ratings news on Celator Pharmaceuticals click here.

Shares of Celator Pharmaceuticals closed at $12.98 yesterday.

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