CTI BioPharma (CTIC) Upgraded to Buy at Zacks Investment Research

CTI BioPharma (NASDAQ:CTIC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday, December 27th. The brokerage currently has a $3.00 price target on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target would indicate a potential downside of 1.64% from the company’s current price.

According to Zacks, “CTI BioPharma Corp. is a biopharmaceutical company. It is focused on the acquisition, development and commercialization of therapies covering a spectrum of blood-related cancers. The company is heavily focused on marketing its approved therapy Pixuvri in Europe, and on continuing the development of its late-stage development pipeline, including pacritinib. CTI BioPharma Corp., formerly known as Cell Therapeutics, Inc., is headquartered in Seattle, Washington. “

Other equities analysts have also recently issued reports about the stock. Jefferies Group initiated coverage on shares of CTI BioPharma in a research note on Tuesday, September 12th. They set a “buy” rating and a $7.50 price target for the company. ValuEngine lowered shares of CTI BioPharma from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 11th.

CTI BioPharma (CTIC) traded up $0.04 on Wednesday, reaching $3.05. 144,700 shares of the company’s stock traded hands, compared to its average volume of 195,886. The company has a market capitalization of $140.94, a P/E ratio of -2.96 and a beta of 0.53. CTI BioPharma has a fifty-two week low of $2.45 and a fifty-two week high of $5.73. The company has a quick ratio of 2.17, a current ratio of 2.19 and a debt-to-equity ratio of 0.26.

CTI BioPharma (NASDAQ:CTIC) last posted its earnings results on Monday, November 6th. The biopharmaceutical company reported ($0.28) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.32) by $0.04. CTI BioPharma had a negative net margin of 96.91% and a negative return on equity of 209.67%. The company had revenue of $1.71 million during the quarter, compared to analysts’ expectations of $0.30 million. research analysts expect that CTI BioPharma will post -1.2 earnings per share for the current year.

Institutional investors have recently modified their holdings of the company. OxFORD Asset Management LLP purchased a new position in shares of CTI BioPharma in the 3rd quarter worth approximately $164,000. JPMorgan Chase & Co. purchased a new stake in CTI BioPharma during the 3rd quarter worth approximately $272,000. Finally, Stonepine Capital Management LLC purchased a new stake in CTI BioPharma during the 2nd quarter worth approximately $7,561,000. 42.81% of the stock is currently owned by hedge funds and other institutional investors.

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About CTI BioPharma

CTI BioPharma Corp. (CTI) 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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