CTI BioPharma (NASDAQ:CTIC)‘s stock had its “buy” rating reaffirmed by equities research analysts at Cann in a research note issued on Friday. They presently have a $4.00 target price on the biopharmaceutical company’s stock. Cann’s price target would suggest a potential upside of 122.22% from the company’s current price.
The analysts wrote, “CTI BioPharma released Q3 2018 results yesterday, and loss per share of $0.26 was higher than our estimated ($0.16), due to higher operating loss and no other-income to offset the higher loss. Total revenue of $0.7 million was in line with our estimate. All revenue was License and Contract Revenue. Total operating expenses of $14.8 million were higher than our estimated $13.3 million, due to higher than estimated R&D expense.””
Several other brokerages have also weighed in on CTIC. JMP Securities set a $8.00 price objective on shares of CTI BioPharma and gave the stock a “buy” rating in a report on Tuesday, July 10th. Zacks Investment Research lowered shares of CTI BioPharma from a “hold” rating to a “sell” rating in a report on Thursday, July 12th. BidaskClub lowered shares of CTI BioPharma from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 14th. Jefferies Financial Group reiterated a “buy” rating and set a $4.00 price objective on shares of CTI BioPharma in a report on Friday, July 20th. Finally, ValuEngine lowered shares of CTI BioPharma from a “hold” rating to a “sell” rating in a report on Tuesday, July 24th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. CTI BioPharma has a consensus rating of “Buy” and a consensus target price of $5.50.
CTI BioPharma (NASDAQ:CTIC) last announced its quarterly earnings data on Thursday, November 1st. The biopharmaceutical company reported ($0.26) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.06). The company had revenue of $0.72 million for the quarter, compared to analysts’ expectations of $0.60 million. CTI BioPharma had a negative return on equity of 85.62% and a negative net margin of 361.97%. On average, equities research analysts forecast that CTI BioPharma will post -0.6 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers purchased a new position in CTI BioPharma in the second quarter valued at approximately $243,000. Alambic Investment Management L.P. purchased a new position in CTI BioPharma in the second quarter valued at approximately $617,000. Opaleye Management Inc. purchased a new position in CTI BioPharma in the second quarter valued at approximately $803,000. Millennium Management LLC purchased a new position in CTI BioPharma in the first quarter valued at approximately $3,068,000. Finally, BlackRock Inc. raised its holdings in CTI BioPharma by 4.5% in the first quarter. BlackRock Inc. now owns 433,784 shares of the biopharmaceutical company’s stock valued at $1,691,000 after buying an additional 18,666 shares during the period. Hedge funds and other institutional investors own 69.47% of the company’s stock.
CTI BioPharma Company Profile
CTI BioPharma Corp., a biopharmaceutical company, focuses on the acquisition, development, and commercialization of novel targeted therapies for blood-related cancers in the United States and internationally. It develops PIXUVRI, a novel aza-anthracenedione for the treatment of adult patients with multiply relapsed or refractory aggressive B-cell non-Hodgkin lymphoma; and pacritinib, an investigational oral kinase inhibitor with specificity for JAK2, FLT3, IRAK1, and CSF1R, which is in Phase III clinical trials for the treatment of adult patients with myelofibrosis.
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