GTX Inc. (NASDAQ: GTXI) is surging on what may feel a bit like a mystery or a Houdini rally. Apparently Citigroup has raised its target on the company, but the raise is a doubling of the price target to $19.00 per share. It expects late-stage studies of its treatment for muscle wasting that is related to cancer to succeed and that it could even become a buyout candidate as such. $19 from $8, sent the biopharmaceutical company’s shares up 24 percent in pre-market trade on Monday.
Interestingly enough, it is not a blockbuster projection, but it does see up to $760 million in peak sales by 2020 but the upside is that this could ultimately treat a wider patient group from chronic diseases. Ostarine is said to be a selective androgen receptor modulators (SRAMs) and treats muscle loss related to cancer or to the normal process of aging. Citi reportedly said the two candidate profiles will be revealed in the coming year or so and that could bring substantial upside.
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