BIOWATCH

[foggy]

Some DD on CYTR

CYTR CytRx initiated with a Mkt Outperform at Rodman & Renshaw; tgt $2 (0.55 +0.01)

Rodman & Renshaw initiates CYTR with a Mkt Outperform and price target of $2. Firm says the acquisition of Innovive Pharmaceuticals in 2008 has provided CYTR with a refreshed pipeline of products and a new therapeutic focus. Included are compounds such as Tamibarotene, in a pivotal Phase II study for Acute promyelocytic leukemia, which have the potential to reach the mkt in a relatively short period of time, thereby quickening the co's transition into a commercial biotech firm and bringing in early revs. Firm believes that the core molecular chaperone compounds that CYTR acquired through their acquisition of Biorex, and has further developed can provide value, despite facing some delays in their development. Also, firm reminds investors that CYTR currently holds a 46% stake in RXi Pharmaceuticals (RXII). With a current market capitalization of $67 mln, this stake is worth nearly $30 mln alone

If this stands and step up to the next phase, this will have a nice uptrend. so keep it on your radar.
http://clinicaltrials.gov/archive/NCT00520208/2009_06_01
http://apltrial.com/

I bought in on this one at 0.48 some time ago.