CytRx (CYTR) Shares Down 15.2%

CytRx Co. (NASDAQ:CYTR)’s share price dropped 15.2% during mid-day trading on Monday . The company traded as low as $1.71 and last traded at $1.79. Approximately 1,444,290 shares traded hands during mid-day trading, an increase of 314% from the average daily volume of 348,670 shares. The stock had previously closed at $2.11.

Separately, ValuEngine lowered CytRx from a “sell” rating to a “strong sell” rating in a report on Sunday, December 31st.

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The stock has a market capitalization of $59.16, a P/E ratio of -1.01 and a beta of 2.25.

CytRx (NASDAQ:CYTR) last issued its quarterly earnings results on Monday, March 19th. The biotechnology company reported ($0.16) earnings per share (EPS) for the quarter.

A hedge fund recently raised its stake in CytRx stock. Vanguard Group Inc. raised its position in shares of CytRx Co. (NASDAQ:CYTR) by 53.9% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,823,123 shares of the biotechnology company’s stock after purchasing an additional 1,689,874 shares during the quarter. Vanguard Group Inc. owned about 3.17% of CytRx worth $3,024,000 as of its most recent SEC filing. 6.22% of the stock is currently owned by hedge funds and other institutional investors.

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About CytRx

CytRx Corporation is a biopharmaceutical research and development company specializing in oncology. The Company is focused on the clinical development of aldoxorubicin, its modified version of the chemotherapeutic agent, doxorubicin. It is engaged in Phase III trials for aldoxorubicin as a therapy for patients with soft tissue sarcoma (STS) whose tumors have progressed after treatment with chemotherapy.

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