Market Overview

Rodman & Renshaw Lower Cleveland BioLabs PT to $8


Rodman & Renshaw lowered its Cleveland BioLabs (NASDAQ: CBLI) price target from $11 to $8 in a research report published today. Rodman & Renshaw has previously given Cleveland BioLabs a Market Outperform rating.

In the report, Rodman & Renshaw states, "Our thesis is based on the view that the lead program's (CBLB502) potential to be used as an antidote for the treatment of Acute Radiation Syndrome (ARS), with the end goal of securing significant procurement contracts from the US government. The company has received $77M in funding from the Department of Defense (DoD) and the Department of Health and Human Services (HHS) since 2008 (which includes a $45MM contract to develop and stockpile 502 by DoD in September 2010). We believe that the company has the potential to continue to secure additional governmental funding and possibly receive significant contracts from the US and foreign governments for the procurement of priority medical countermeasures."

Shares of Cleveland BioLabs closed today at $3.31, down 2.36% from Friday's market close.

Posted-In: Rodman & RenshawAnalyst Color Price Target Analyst Ratings


Related Articles (CBLI + HHS)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Our Experts vs. S&P 500Powered by Benzinga
Marketfy Products Return S&P 500
Morning Profit Maker 42.72% 6.69%
The Option Prophet 91.14% 6.69%
SecretCaps 26.55% 6.69%
Short-Term Trend Trading 11.89% 6.69%
View the highest rated products→