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Fly News Breaks for July 12, 2016
CYTR
Jul 12, 2016 | 11:16 EDT
Jefferies analyst Chris Howerton cut his price target for CytRx to 75c from $2.50 after removing aldoxorubicin from his model following today's study failure. The analyst does not see a path forward for the drug in soft tissue sarcomas or any other indications. He keeps a Hold rating on the name. FBR Capital analyst Christopher James said this morning that despite missing on the endpoint, aldoxorubicin demonstrated clear clinical activity, with an objective response rate nearly double the rate observed within the comparator arm. CytRx is down 62% to 95c in late morning trading.
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