Cytori Therapeutics (NASDAQ: CYTX) Shares Fall On News Of Launch Delay

Analysts at Piper Jaffray reiterated their underweight rating for Cytori Therapeutics (NASDAQ: CYTX) on news that Cytori’s Celution system launch will be delayed.

Analysts at Piper Jaffray noted that “shares of CYTX are down 36% over the last four trading sessions since Cytori reported that the FDA requested a PMA approval path for the Celution system last week. This pushes out our U.S. approval assumptions to 2013.” They also stated, “Last week, Cytori management reported that the FDA requested a Pre-Market Approval (PMA) path for the Celution system in soft tissue repair requiring at least one additional clinical study for approval.”

Piper Jaffray reiterated its underweight rating and set a $3 price target for CYTX.