Why CTI BioPharma Stock Blasted 18% Higher Today
The stock of CTI BioPharma (NASDAQ: CTIC) was an outlier in the biotech sector on Thursday, and in the best way possible. The company's shares surged more than 18% higher on the day, following a new and bullish analyst note on the company based on positive anecdotal evidence.
That note came from Cowen prognosticator Boris Peaker, who initiated coverage on CTI stock. Peaker rates it an unequivocal outperform (read: buy), at a price target of $10 per share. Even after Thursday's price pop, that implies significant upside of more than 40% on the stock.
In March, CTI hit an important milestone when it won its first Food and Drug Administration (FDA) approval. This was for Vonjo, a treatment for a rare bone-marrow affliction called myelofibrosis. In a survey with doctors regarding the drug, Peaker found that the responses indicated "strong adoption on label," and much commercial potential for the drug.
Source Fool.com
