UPDATE: Rodman & Renshaw Reiterates Market Outperform on Adventrx Pharmaceuticals, Slashes PT to $9

Rodman & Renshaw reiterated its Market Outperform rating on Adventrx Pharmaceuticals (NYSE: ANX). At the same time, the rating agency reduced its price target on the company's stock from $16 to $9. On Wednesday, ANX had a disastrous session, losing 58.28% of its value to end the day at $1.06. Its shares started to rebound in today's pre-market trading, rising 2.83% to stand around $1.09.