CTI BioPharma (NASDAQ:CTIC) Sees Large Volume Increase

CTI BioPharma Corp. (NASDAQ:CTIC – Get Rating) saw unusually-strong trading volume on Friday . Approximately 4,838,614 shares traded hands during mid-day trading, an increase of 8% from the previous session’s volume of 4,470,099 shares.The stock last traded at $8.95 and had previously closed at $8.94.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CTIC shares. TD Cowen reduced their target price on shares of CTI BioPharma from $10.00 to $8.00 and set an “outperform” rating on the stock in a research report on Monday, April 17th. Needham & Company LLC downgraded shares of CTI BioPharma from a “buy” rating to a “hold” rating in a research report on Wednesday. StockNews.com raised shares of CTI BioPharma from a “sell” rating to a “hold” rating in a research report on Tuesday, March 14th. JMP Securities downgraded shares of CTI BioPharma from an “outperform” rating to a “market perform” rating in a research report on Thursday. Finally, Lake Street Capital downgraded shares of CTI BioPharma from a “buy” rating to a “hold” rating in a research report on Wednesday. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, CTI BioPharma presently has an average rating of “Moderate Buy” and an average price target of $10.29.

CTI BioPharma Stock Up 0.2 %

The company has a market cap of $1.18 billion, a PE ratio of -10.54 and a beta of 0.86. The business’s fifty day moving average is $4.84 and its 200-day moving average is $5.32.

CTI BioPharma (NASDAQ:CTIC – Get Rating) last issued 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 for the quarter, compared to analyst estimates of $24.88 million. During the same quarter in the prior year, the company earned ($0.38) earnings per share. Analysts forecast that CTI BioPharma Corp. will post -0.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CTIC. Candriam S.C.A. boosted its stake in shares of CTI BioPharma by 166.7% during the first quarter. Candriam S.C.A. now owns 240,000 shares of the biopharmaceutical company’s stock valued at $928,000 after purchasing an additional 150,000 shares during the period. Great West Life Assurance Co. Can lifted its stake in shares of CTI BioPharma by 654.3% during the first quarter. Great West Life Assurance Co. Can now owns 34,034 shares of the biopharmaceutical company’s stock worth $143,000 after buying an additional 29,522 shares during the period. BlackRock Inc. increased its holdings in shares of CTI BioPharma by 0.6% in the first quarter. BlackRock Inc. now owns 7,102,626 shares of the biopharmaceutical company’s stock valued at $29,831,000 after purchasing an additional 42,307 shares during the period. Sectoral Asset Management Inc. increased its stake in shares of CTI BioPharma by 27.8% in the first quarter. Sectoral Asset Management Inc. now owns 1,253,300 shares of the biopharmaceutical company’s stock worth $5,264,000 after acquiring an additional 273,000 shares during the period. Finally, BNP Paribas Arbitrage SNC boosted its stake in shares of CTI BioPharma by 70.0% in the first quarter. BNP Paribas Arbitrage SNC now owns 465,302 shares of the biopharmaceutical company’s stock worth $1,954,000 after buying an additional 191,539 shares during the last quarter. 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.