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Cell Therapeutics (CTIC)

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We are downgrading Cell Therapeutics (CTIC) to Underperform from Neutral, primarily due to the uncertainty surrounding the approval of its lead candidate, pixantrone for aggressive NHL in the US.

Cell Therapeutics' future is dependent on pixantrone since it does not have any other candidate, apart from Opaxio, to fall back on, if the company's lead candidates are not approved. Furthermore, even if pixantrone manages to hit the market, it will face intense competition from established players.

Meanwhile, although the company has brought down its debt burden by converting it to common stock, we remain concerned about the significant dilution in shareholder value.

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