BTIG initiated coverage of CTI Biopharma (NASDAQ:CTIC) with a “buy” rating and price target of $7. The stock closed at $2.80 on Aug. 6.
CTI is a biotechnology company engaged in the development of therapeutics for blood-related cancers. It is primarily focused on development and commercialization of pacritinib, a differentiated late-stage JAK2 inhibitor.
After several late phase trials, CTI recently submitted a rolling NDA for pacritinib for myelofibrosis (MF) in patients with severe thrombocytopenia, or low platelets. The FDA accepted the NDA with priority review, which “we believe is indicative of pacritinib’s unique characteristics, and the unmet need in those with MF with thrombocytopenia,” writes analyst Bert Hazlett. “Its Nov. 30, 2021 PDUFA date is an important catalyst.”
CTI also is examining pacritinib for the treatment of severe COVID-19 infection, with interim results expected in the third quarter, which could “represent material upside to its operations and our estimates,” he added.
