Wedbush Reiterates Outperform Rating On Cleveland BioLabs

According Wedbush, Cleveland BioLabs CBLI Outperform rating is reiterated. Wedbush said that it remains bullish on the likelihood for CBLI to obtain a $50M BARDA award to continue the development of CBLB502. “We arrive at $10/share price target by adding net profits of CBLB502 from 2011 to 2015, discounted by 35% annually, and applying an 12.6x multiple to our estimated net profits from 2016 CBLB502 sales also discounted by 35%.” Cleveland BioLabs closed yesterday at $4.80.