Rodman & Renshaw Reiterates Outperform Rating on Cleveland Biolabs

Rodman & Renshaw is out with a research report this morning, where it reiterates its Outperform rating on Nokia CBLI; it has an $8.00 price target on the stock. The R&R analysts cited the company's recent investor day conference, where the company noted that it had accelerated its regulatory approval process by getting two important key status recognition approvals: Fast Track and Orphan Drug status for CBLB502. Cleveland Biolabs also completed reproductive toxicity studies (a critical part of the company's preclinical assessment), as well as its 100-subject human safety study for CBLB502. As for valuation, the analysts remarked, “By factoring in the June share issuance, we are adjusting our 12-month target price from $11 to $8/share. We assign Cleveland Biolabs' shares a 12-month price target by applying a 20x P/E multiple to our fully diluted projected 2014 EPS of $0.76, and discounting back using a conservative 30% discount rate."