Rodman & Renshaw Maintains Astex Pharmaceuticals Market Outperform, $5 PT

Rodman & Renshaw maintained its Astex Pharmaceuticals (NASDAQ: ASTX) Market Outperform rating and $5 price target after the FDA's Oncologic Drugs Advisory Committee voted down Dacogen 10-3 for elderly Acute Myeloid Leukemia patients.

In the report, Rodman & Renshaw states, "All in all, while it would have been an incremental positive for Astex to have Dacogen approved in elderly AML – which could have extended the royalty stream to the company - we believe that this negative review does not impact Astex in a meaningful way."

Shares of Astex Pharmaceuticals were trading at $1.93 at the time of posting, down 11.75% from Wednesday's market close.