Analyst Jumps On CytRx Corp. Bandwagon With Outperform Rating

With CytRx Corp.

shares up more than 35 percent in recent weeks, an analyst jumped on the bandwagon Friday, launching coverage with an Outperform rating. CytRx changed hands recently at $4.68, up 4 percent. The micro-cap drug development company published promising Phase II interim results in January on its cancer-fighting drug aldoxorubicin, and has submitted related data for a possible presentation next month at a key industry conference in Chicago Oppenheimer's Christopher Marai offered his initial rating on the company with a $10 price target and said aldoxorubicin could get launched in 2017 and later hit peak annual sales of at least $800 million. Marai views the drug as "proof of concept" for CytRx's underlying technology that could lead to additional products. Catalysts, according to Marai include further updates in the first half of this year on the Phase II trials for brain cancer and Kaposi sarcoma, a form of AIDs-related cancer. The company said in January that "more definitive data" on the trials would be available in the first half of 2015, and that it planned to submit them for possible presentation at the American Society of Clinical Oncology's conference slated May 29 to June 2 in Chicago. Several shareholder lawsuits were recently pending against CytRx for allegedly planting false articles last year in SeekingAlpha, Forbes.com and Wall Street Cheat Sheet Websites that were intended to boost its share value. http://online.barrons.com/articles/SB50001424053111904628504579437221467691900