Rodman & Renshaw Places Cell Therapeutics Under Review

Rodman & Renshaw placed Cell Therapeutics' CTIC rating and target price Under Review in a research report out today on news that the company had withdrawn the pixantrone New Drug Application (NDA). Previously, Cell Therapeutics had a Market Outperform/Speculative Risk rating and a $2 price target. In the report, Rodman & Renshaw writes, "Our change in rating reflects the uncertainty surrounding the pixantrone NDA as well as the quality of questions raised by the FDA. While the withdrawal of the pixantrone NDA represents a temporary setback for approval in the U.S. and should not represent an issue in Europe, the near-term uncertainty could affect shares adversely." Shares of Cell Therapeutics are currently trading at $1.10, down 17.44% from yesterday's close.