JMP Securities Reiterates Market Outperform Rating for CTI BioPharma (NASDAQ:CTIC)

Posted by Defense World Staff on Mar 9th, 2023

CTI BioPharma (NASDAQ:CTIC – Get Rating)‘s stock had its “market outperform” rating reiterated by equities researchers at JMP Securities in a note issued to investors on Tuesday, Benzinga reports. They currently have a $9.00 price target on the biopharmaceutical company’s stock. JMP Securities’ price target would indicate a potential upside of 92.72% from the stock’s current price.

Several other research firms also recently weighed in on CTIC. StockNews.com downgraded shares of CTI BioPharma from a “hold” rating to a “sell” rating in a research note on Monday. Needham & Company LLC reissued a “buy” rating and issued a $9.00 price target on shares of CTI BioPharma in a research note on Monday. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.67.

CTI BioPharma Stock Performance

Shares of NASDAQ:CTIC opened at $4.67 on Tuesday. The firm has a market capitalization of $592.58 million, a PE ratio of -5.49 and a beta of 0.91. The firm has a fifty day moving average of $5.52 and a 200 day moving average of $5.61. CTI BioPharma has a 52-week low of $3.32 and a 52-week high of $7.80.

CTI BioPharma (NASDAQ:CTIC – Get Rating) last posted its quarterly earnings results on Monday, March 6th. The biopharmaceutical company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.04). The business had revenue of $21.08 million during the quarter, compared to the consensus estimate of $24.88 million. CTI BioPharma had a negative return on equity of 5,105.50% and a negative net margin of 172.37%. During the same period in the prior year, the firm earned ($0.38) earnings per share. On average, sell-side analysts forecast that CTI BioPharma will post 0.07 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Adam R. Craig sold 85,317 shares of the stock in a transaction dated Tuesday, January 24th. The shares were sold at an average price of $6.00, for a total value of $511,902.00. Following the completion of the transaction, the chief executive officer now directly owns 29,440 shares of the company’s stock, valued at $176,640. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Adam R. Craig sold 85,317 shares of the stock in a transaction dated Tuesday, January 24th. The shares were sold at an average price of $6.00, for a total value of $511,902.00. Following the completion of the transaction, the chief executive officer now directly owns 29,440 shares of the company’s stock, valued at $176,640. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP James K. Fong sold 100,000 shares of the company’s stock in a transaction dated Tuesday, January 24th. The stock was sold at an average price of $6.00, for a total transaction of $600,000.00. Following the completion of the sale, the executive vice president now owns 3,565 shares in the company, valued at approximately $21,390. The disclosure for this sale can be found here. Insiders sold a total of 297,021 shares of company stock valued at $1,783,243 over the last three months. Corporate insiders own 10.20% of the company’s stock.

Institutional Investors Weigh In On CTI BioPharma

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE grew its holdings in CTI BioPharma by 354.5% in the first quarter. Bank of America Corp DE now owns 5,900 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 4,602 shares during the period. Shell Asset Management Co. purchased a new stake in shares of CTI BioPharma during the fourth quarter valued at approximately $47,000. Legal & General Group Plc purchased a new stake in shares of CTI BioPharma during the second quarter valued at approximately $49,000. Lazard Asset Management LLC purchased a new stake in shares of CTI BioPharma during the third quarter valued at approximately $57,000. Finally, Quantamental Technologies LLC purchased a new stake in CTI BioPharma in the third quarter worth approximately $62,000. Hedge funds and other institutional investors own 99.40% of the company’s stock.

CTI BioPharma Company Profile

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CTI BioPharma Corp. is a biopharmaceutical company, which engages in the development, acquisition, and commercialization of novel targeted therapies for blood-related cancers. It focuses on evaluating pacritinib, its sole product candidate currently in active development, for the treatment of adult patients with myelofibrosis.