Brookline Capital Markets initiated coverage of CTI BioPharma (NASDAQ:CTIC) with a “buy” rating and $7 price target. The stock closed at $3.34 on Oct. 22.
CTI is focused on novel targeted therapies for hematologic cancers where there is an unmet medical need.
“We believe the primary driver of value for CTI BioPharma is its compound, pacritinib, for treatment of patients with myelofibrosis,” writes analyst Leah Rush Cann.
Pacritinib has FDA fast track designation for the treatment of intermediate and high-risk myelofibrosis, a bone marrow cancer that disrupts the body’s normal production of blood cells.
In addition, CTI has recently started developing pacritinib for use in hospitalized patients with severe COVID-19, she added.
“As part of its ongoing rolling submission NDA, we anticipate pacritinib will be filed with FDA in the first quarter of 2021 and potentially launched in the second half of 2021,” Ms. Cann said.
