The filing of the NDA for the Chemosaturation system by Delcath Systems (NASDAQ:DCTH) helps bring guidance in line with expectations.
Canaccord said, "Delcath filed the NDA for its novel Chemosaturation system, in line with guidance and our expectations (YE:2010). The NDA filing gives us more confidence in the company’s guidance for FDA approval timing (mid-2011); we model late 2011, reflecting conservatism. Given DCTH has achieved this important milestone, we increase our price target to $16.50, reiterate our rating and recommend risk-tolerant investors accumulate shares of DCTH."
Canaccord Genuity maintains a "Speculative Buy" on Delcath Systems, which was trading at $10.08, down $0.03, or 0.30, as of 12:10 PM EST. Canaccord has a price target on them of $16.50.
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