ValuEngine Downgrades CytRx (CYTR) to Strong Sell

ValuEngine cut shares of CytRx (NASDAQ:CYTR) from a sell rating to a strong sell rating in a research report report published on Sunday morning.

CytRx (NASDAQ CYTR) opened at $1.82 on Friday. The firm has a market cap of $48.37, a price-to-earnings ratio of -1.04 and a beta of 2.27. CytRx has a 52 week low of $1.65 and a 52 week high of $6.00.

Several hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new position in shares of CytRx in the first quarter valued at $264,000. Goldman Sachs Group Inc. boosted its stake in shares of CytRx by 795.0% in the second quarter. Goldman Sachs Group Inc. now owns 703,465 shares of the biotechnology company’s stock valued at $441,000 after purchasing an additional 624,863 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of CytRx by 53.9% in the second quarter. Vanguard Group Inc. now owns 4,823,123 shares of the biotechnology company’s stock valued at $3,024,000 after purchasing an additional 1,689,874 shares during the period. Institutional investors and hedge funds own 44.83% of the company’s stock.

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About CytRx

CytRx Corporation is a biopharmaceutical research and development company specializing in oncology. The Company is focused on the clinical development of aldoxorubicin, its modified version of the chemotherapeutic agent, doxorubicin. It is engaged in Phase III trials for aldoxorubicin as a therapy for patients with soft tissue sarcoma (STS) whose tumors have progressed after treatment with chemotherapy.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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