Delcath Systems (DCTH) Pressured on Shares Sale Announcement

The announcement by Delcath Systems, Inc. (NASDAQ:DCTH) that they are going to sell up to $40 million in shares to Cowen & Co. pushed the company to close at $3.05 on Friday, a drop of 11.85 percent.

Delcath makes an experimental drug-dispensing system for the treatment of cancer.

The volatile shares traded from $1.85 to $11.88 in 2011.

In after hours trading the company fell another $0.05, to $3.00 a share. Volume on Friday was almost 3 times the 3-month average.

Delcath Systems' (NASDAQ:DCTH) Chemosaturation Filing Offers Guidance for FDA Approval

Saying the filing of the NDA for their Chemosaturation system helps give better guidance to when the FDA may approve ot it, Canaccord raised their price target on Delcath Systems (NASDAQ:DCTH).

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 last closed at $10.09, down $0.02, or 0.20 percent. They raised their price target on them to $16.50.

Delcath Systems (NASDAQ:DCTH) Files NDA for Chemosaturation System

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.