UPDATE: Rodman & Renshaw Initiates CytRx Corporation at Buy with $7

Rodman & Renshaw initiated its coverage on CytRx Corporation CYTR with a Market Outperform and a $7 price target. Rodman & Renshaw commented, "CytRx is a high-risk, high-reward play in the microcap oncology space. CytRx is developing aldoxorubicin (INNO-206), a tumor-targeted pro-drug conjugate of the anthracycline drug, doxorubicin, the standard of care (or part of it) for many solid and liquid tumor indications. Aldoxorubicin is currently undergoing study in a recently-opened Phase IIb trial in 18 patients with soft tissue sarcoma (STS)." CytRx Corporation closed at $3.93 on Friday.