CytRx (CYTR) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of CytRx (NASDAQ:CYTR) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning. The brokerage currently has $0.75 target price on the biotechnology company’s stock.

According to Zacks, “CYTRX CORP. is engaged in the development and commercialization of pharmaceutical related products and services including human therapeutics focused on high-value critical- care therapies. “

Separately, HC Wainwright reaffirmed a buy rating and issued a $5.00 target price on shares of CytRx in a research note on Monday, November 5th.

NASDAQ CYTR remained flat at $$0.80 on Wednesday. 151,818 shares of the company were exchanged, compared to its average volume of 186,842. CytRx has a 12-month low of $0.65 and a 12-month high of $2.47.

CytRx (NASDAQ:CYTR) last announced its earnings results on Friday, November 9th. The biotechnology company reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.01). The company had revenue of $0.25 million for the quarter. Analysts predict that CytRx will post -0.41 earnings per share for the current year.

An institutional investor recently raised its position in CytRx stock. BlackRock Inc. lifted its holdings in shares of CytRx Co. (NASDAQ:CYTR) by 31.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 302,983 shares of the biotechnology company’s stock after buying an additional 72,879 shares during the period. BlackRock Inc. owned about 0.90% of CytRx worth $343,000 at the end of the most recent quarter. Institutional investors and hedge funds own 10.03% of the company’s stock.

CytRx Company Profile

CytRx Corporation, a biopharmaceutical company, engages in the research and clinical development of novel anti-cancer drug candidates that employ linker technologies to enhance the accumulation and release of drug at the tumor. The company is developing its pipeline of oncology candidates at its laboratory facilities in Freiburg, Germany, through its LADR (linker activated drug release) technology platform, a discovery engine designed to leverage its expertise in albumin biology and linker technology for the development of anti-cancer therapies.

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