Zacks: Analysts Anticipate CTI BioPharma Corp (CTIC) to Announce -$0.07 EPS

Brokerages expect that CTI BioPharma Corp (NASDAQ:CTIC) will announce earnings of ($0.07) per share for the current quarter, Zacks reports. Two analysts have made estimates for CTI BioPharma’s earnings. CTI BioPharma reported earnings of ($0.65) per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 89.2%. The business is expected to report its next quarterly earnings results on Wednesday, May 2nd.

On average, analysts expect that CTI BioPharma will report full year earnings of ($0.90) per share for the current year, with EPS estimates ranging from ($1.12) to ($0.68). For the next year, analysts forecast that the business will post earnings of ($0.87) per share, with EPS estimates ranging from ($0.96) to ($0.77). Zacks’ EPS averages are an average based on a survey of research analysts that cover CTI BioPharma.

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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 Thomson Reuters’ consensus estimate of ($0.29) by ($0.04). CTI BioPharma had a negative return on equity of 233.13% and a negative net margin of 161.74%. The firm had revenue of $0.46 million for the quarter, compared to analyst estimates of $1.00 million. During the same period in the prior year, the business earned ($0.70) earnings per share.

Several research firms have issued reports on CTIC. Zacks Investment Research raised shares of CTI BioPharma from a “hold” rating to a “buy” rating and set a $3.00 price target on the stock in a research note on Wednesday, December 27th. Oppenheimer began coverage on shares of CTI BioPharma in a report on Friday, February 23rd. They set an “outperform” rating and a $5.00 price objective on the stock. Cann began coverage on shares of CTI BioPharma in a report on Friday, February 23rd. They set an “outperform” rating on the stock. JMP Securities began coverage on shares of CTI BioPharma in a report on Wednesday, March 7th. They set an “outperform” rating and a $8.00 price objective on the stock. Finally, Needham & Company LLC began coverage on shares of CTI BioPharma in a report on Monday, March 26th. They set a “buy” rating and a $10.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. CTI BioPharma presently has an average rating of “Buy” and a consensus target price of $6.42.

In other CTI BioPharma news, insider Value Fund L. P. Biotechnology purchased 6,333,333 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were purchased at an average price of $3.00 per share, for a total transaction of $18,999,999.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Bvf Partners L. P/Il purchased 5,634,108 shares of the business’s 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 disclosure for this purchase can be found here. Corporate insiders own 2.16% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of CTIC. JPMorgan Chase & Co. purchased a new position in CTI BioPharma in the third quarter valued at approximately $272,000. OxFORD Asset Management LLP purchased a new position in CTI BioPharma in the third quarter valued at approximately $164,000. Kennedy Capital Management Inc. purchased a new position in CTI BioPharma in the fourth quarter valued at approximately $660,000. Stonepine Capital Management LLC raised its holdings in CTI BioPharma by 84.8% in the fourth quarter. Stonepine Capital Management LLC now owns 1,834,838 shares of the biopharmaceutical company’s stock valued at $4,917,000 after buying an additional 841,838 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in CTI BioPharma by 48.3% in the fourth quarter. Renaissance Technologies LLC now owns 609,849 shares of the biopharmaceutical company’s stock valued at $1,634,000 after buying an additional 198,700 shares during the period. Hedge funds and other institutional investors own 33.95% of the company’s stock.

CTI BioPharma stock opened at $3.81 on Thursday. CTI BioPharma has a 12-month low of $2.45 and a 12-month high of $4.52. The company has a current ratio of 2.44, a quick ratio of 2.41 and a debt-to-equity ratio of 0.90.

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About CTI BioPharma

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 and internationally. It develops PIXUVRI, a novel aza-anthracenedione for the treatment of adult patients with multiply relapsed or refractory aggressive B-cell non-Hodgkin lymphoma; and pacritinib, an investigational oral kinase inhibitor with specificity for JAK2, FLT3, IRAK1, and CSF1R, which is in Phase III clinical trials for the treatment of adult patients with myelofibrosis.

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