Rodman & Renshaw Lower Cleveland BioLabs PT to $8

Rodman & Renshaw lowered its Cleveland BioLabs

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 (

) 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.