UPDATE: Edison Investment Research Raises PT on CytRx on FDA Aldoxorubicin Agreement

In a report published Thursday, Edison Investment Research analyst Michael Aitkenhead slightly raised the price target on CytRx Corporation (NASDAQ: CYTR) from $4.00 to $4.50.

In the report, Aitkenhead noted, “CytRx and the FDA have agreed, on schedule, an SPA for the aldoxorubicin pivotal Phase III study in second-line STS. The SPA grant confirms that CytRx's proposed design, endpoints and statistical analysis are acceptable for regulatory submission. In particular, we view FDA agreement on the primary endpoint (progression free survival, PFS) and comparator therapy (five approved chemotherapy regimens) as critical components of the SPA. While we assumed that PFS was the FDA's preferred primary outcome measure, based on approval of GSK's Votrient, we note that competing second-line STS drugs in Phase III (J&J's Yondelis, Eisai's Halaven) are using overall survival (OS). However, the FDA has confirmed that OS should be a key secondary endpoint in the aldoxorubicin pivotal study.”

CytRx Corporation closed on Wednesday at $2.82.