UPDATE 1-CytRx leukemia drug gets positive opinion from EMEA

* Panel recommends orphan drug status for leukemia drug

* Shares up as much as 33 pct

(Adds analyst comment)

July 24 (Reuters) - CytRx Corp (CYTR.O) said a panel of the European Medicines Agency (EMEA) has recommended an orphan drug status for tamibarotene, its experimental bone marrow cancer treatment, sending its shares up as much as 33 percent.

"We expect the European Union to follow the panel's recommendation and grant tamibarotene orphan drug status," Rodman & Renshaw analyst Simos Simeonidis wrote in a research note.

The final approval of the designation will give CytRx market exclusivity for 10 years in the European Union, following clearances to sell the drug.

Simeonidis reiterated his "market outperform" rating and a 12-month price target of $2 on the CytRx stock.

CytRx Chief Executive Steven Kriegsman, in a statement, said, "We consider this positive opinion important as it supports our ability to pursue marketing approval for tamibarotene in the European Union in addition to our ongoing U.S. clinical program."

Shares of CytRx were up nearly 19 percent at $1.53 in morning trading on Nasdaq. They touched a 52-week high of $1.72 earlier in the session. (Reporting by Shailesh Kuber in Bangalore; Editing by Anil D'Silva, Jarshad Kakkrakandy)