Cann reiterated their buy rating on shares of CTI BioPharma (NASDAQ:CTIC) in a research note released on Wednesday morning. The firm currently has a $5.00 price target on the biopharmaceutical company’s stock.
“CTI BioPharma released Q4 2017 results today with lower-than-expected sales and slightly higher-than-estimated SG&A. Total revenue of $462,000 was lower than our estimated $1.7 million. All revenue was from License and Contract Revenue. Total operating expenses of $14.2 million were 6.3% higher than our estimated $13.3 million due to higher-than-estimated SG&A expense. CTI BioPharma lost $0.33 per share compared to our estimated loss per share of $0.28. Our 2018–2024 outlook is basically unchanged for CTI BioPharma. Programs are advancing, with data expected in H1 2018.”,” Cann’s analyst wrote.
A number of other equities research analysts have also recently issued reports on CTIC. JMP Securities assumed coverage on shares of CTI BioPharma in a report on Wednesday. They set an outperform rating and a $8.00 price target for the company. Oppenheimer assumed coverage on shares of CTI BioPharma in a report on Friday, February 23rd. They set an outperform rating and a $5.00 price target for the company. Finally, Zacks Investment Research cut shares of CTI BioPharma from a buy rating to a hold rating in a report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $5.70.
CTI BioPharma (NASDAQ:CTIC) last released its quarterly earnings results on Wednesday, March 7th. The biopharmaceutical company reported ($0.33) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.04). CTI BioPharma had a negative net margin of 161.74% and a negative return on equity of 233.13%. The firm had revenue of $0.46 million for the quarter, compared to the consensus estimate of $1.00 million. During the same quarter last year, the company earned ($0.70) earnings per share. research analysts expect that CTI BioPharma will post -0.91 earnings per share for the current fiscal year.
In related news, major shareholder Bvf Partners L. P/Il bought 5,634,108 shares of CTI BioPharma stock in a transaction that occurred on Friday, February 9th. The stock was acquired at an average price of $3.00 per share, for a total transaction of $16,902,324.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Value Fund L. P. Biotechnology bought 6,333,333 shares of CTI BioPharma stock in a transaction that occurred on Friday, February 9th. The stock was bought at an average price of $3.00 per share, with a total value of $18,999,999.00. The disclosure for this purchase can be found here. 2.16% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the stock. OxFORD Asset Management LLP acquired a new position in CTI BioPharma in the third quarter worth about $164,000. JPMorgan Chase & Co. acquired a new position in CTI BioPharma in the third quarter worth about $272,000. Jane Street Group LLC acquired a new position in CTI BioPharma in the fourth quarter worth about $472,000. Kennedy Capital Management Inc. acquired a new position in CTI BioPharma in the fourth quarter worth about $660,000. Finally, Renaissance Technologies LLC raised its position in CTI BioPharma by 48.3% in the fourth quarter. Renaissance Technologies LLC now owns 609,849 shares of the biopharmaceutical company’s stock worth $1,634,000 after purchasing an additional 198,700 shares in the last quarter. 31.27% of the stock is owned by hedge funds and other institutional investors.
About CTI BioPharma
CTI BioPharma Corp. is a biopharmaceutical company focused on the acquisition, development and commercialization of targeted therapies covering a spectrum of blood-related cancers to patients and healthcare providers. The Company is primarily focused on commercializing PIXUVRI in select countries in the European Union, for multiply relapsed or refractory aggressive B-cell non-Hodgkin lymphoma (NHL).
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