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Cyclacel Pharmaceuticals (CYCC) Stock Pops, H.C. Wainwright Bullish

NEW YORK (TheStreet) -- Shares of Cyclacel Pharmaceutics (CYCC) were surging 13.72% to $5.09 in afternoon trading on Friday as H.C. Wainwright analysts say they're bullish on the stock, despite its small market cap, due to an "atypically positive risk/reward" ratio.

The firm has a $60 price target on the stock and said there could be potential upsides from its pending readout of a study in elderly acute myeloid leukemia (AML) patients unfit for induction therapy, TheFly reports. A "survival win" may be unlikely, but the "surprise element" in AML can go both ways, H.C. Wainwright noted.

Additionally, Cyclacel reported second quarter earnings on Wednesday. The company...