CTI BioPharma Corp. (NASDAQ:CTIC – Get Rating) was down 3.6% during trading on Wednesday following insider selling activity. The company traded as low as $5.65 and last traded at $5.65. Approximately 87,103 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 2,188,158 shares. The stock had previously closed at $5.86.Specifically, Director Michael A. Metzger sold 91,500 shares of CTI BioPharma stock in a transaction that occurred on Tuesday, November 8th. The stock was sold at an average price of $5.58, for a total transaction of $510,570.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Adam R. Craig sold 84,683 shares of CTI BioPharma stock in a transaction that occurred on Tuesday, January 3rd. The stock was sold at an average price of $6.01, for a total transaction of $508,944.83. Following the completion of the sale, the chief executive officer now directly owns 29,440 shares of the company’s stock, valued at approximately $176,934.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Michael A. Metzger sold 91,500 shares of CTI BioPharma stock in a transaction that occurred on Tuesday, November 8th. The stock was sold at an average price of $5.58, for a total value of $510,570.00. The disclosure for this sale can be found here. In the last three months, insiders sold 203,204 shares of company stock worth $1,181,911. 10.20% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
Several research firms recently weighed in on CTIC. SVB Leerink began coverage on CTI BioPharma in a report on Monday, October 17th. They set an “outperform” rating and a $13.00 price target for the company. StockNews.com cut CTI BioPharma from a “hold” rating to a “sell” rating in a report on Saturday, November 19th. One equities research analyst has rated the stock with a sell rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, CTI BioPharma currently has an average rating of “Moderate Buy” and an average target price of $11.00.
CTI BioPharma Stock Performance
The company has a market cap of $700.43 million, a price-to-earnings ratio of -5.16 and a beta of 0.85. The business has a fifty day moving average price of $5.61 and a 200 day moving average price of $5.85.
CTI BioPharma (NASDAQ:CTIC – Get Rating) last posted its quarterly earnings results on Monday, November 7th. The biopharmaceutical company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. The business had revenue of $18.24 million for the quarter, compared to analyst estimates of $18.13 million. As a group, equities analysts anticipate that CTI BioPharma Corp. will post -0.72 EPS for the current year.
Hedge Funds Weigh In On CTI BioPharma
Institutional investors have recently modified their holdings of the business. Dorsey Wright & Associates acquired a new position in shares of CTI BioPharma during the 2nd quarter worth $48,000. Parkman Healthcare Partners LLC bought a new stake in CTI BioPharma during the 1st quarter worth $1,051,000. Occudo Quantitative Strategies LP grew its position in CTI BioPharma by 152.6% during the 2nd quarter. Occudo Quantitative Strategies LP now owns 206,954 shares of the biopharmaceutical company’s stock worth $1,236,000 after acquiring an additional 125,013 shares during the last quarter. Rafferty Asset Management LLC bought a new stake in CTI BioPharma during the 2nd quarter worth $2,612,000. Finally, SG Americas Securities LLC bought a new stake in CTI BioPharma during the 2nd quarter worth $619,000. Institutional investors and hedge funds own 99.40% 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. It offers VONJO (pacritinib), an investigational oral kinase inhibitor with specificity for JAK2, FLT3, IRAK1, and CSF1R for the treatment of adult patients with myelofibrosis.