The stock market as a whole had a fine Monday, but CTI BioPharma (NASDAQ: CTIC) had a particularly good time of it. The China-based biotech's shares leaped nearly 5% on the back of not one but two positive analyst initiations.

The two institutions launching their coverage of CTI BioPharma stock were Taiwan-headquartered SinoPac Financial Holdings and U.S. investment bank SVB Leerink. Both the former's Kenneth Shields and the latter's Andrew Berens were bullish on the stock, tagging it with the equivalent of buy recommendations. Both have also set their price targets at $13 per share -- nearly triple the stock's current level.

Neither analysis was available for dissemination, but this wasn't the first time prognosticators have expressed optimism about the company. In early September, Jefferies' Kelly Shi also initiated coverage on CTI BioPharma with -- you guessed it -- a buy recommendation and a $13 per share price target.

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Source Fool.com