Rodman & Renshaw Reiterates Outperform Rating on Oncothyreon

Rodman & Renshaw is out with a research report this afternoon, where it reiterates its Outperform rating on Oncothyreon ONTY; it has a $10.00 price target on the stock. The R&R analysts cited the company's recent earnings results, which ere worse than expected as a result of an unanticipated non-cash loss on the valuation of a warrant liability. At the end of 2Q11, the company had approximately $67 MM in cash and cash equivalents, which includes $43 MM in net proceeds from the sale of 11.5 MM shares of common stock. As for valuation, the analysts remarked, “We are reiterating our Market Outperform rating and 12-month price target of $10 per share for Oncothyreon. Our price target is based on a 2015 discounted revenues and earnings per share multiples analysis.”