Rodman & Renshaw Reiterates Perform Rating on Cell Therapeutics

Rodman & Renshaw is out with a research report this afternoon, where it reiterates its Market Perform rating on Cell Therapeutics CTIC. The R&R analysts cited the company's recent earnings results, which were worse than expected primarily due to higher than anticipated deemed dividends on preferred stock. The company's pro-forma cash position is approximately $57.4 MM (includes a recent $30 MM financing), which should be sufficient, in the analysts' opinion, to fund operations into 2Q12. As for valuation, the analysts remarked, “We are maintaining our Market Perform / Speculative Risk rating for Cell Therapeutics. The recent meeting with the FDA and presentations at ASCO highlight significant value drivers for the company.”