CTI BioPharma (NASDAQ:CTIC) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of CTI BioPharma (NASDAQ:CTIC) in a research note published on Tuesday, AnalystRatings.com reports. Needham & Company LLC currently has a $4.00 price objective on the biopharmaceutical company’s stock.

Shares of NASDAQ:CTIC traded down $0.01 during midday trading on Tuesday, hitting $0.76. 87,800 shares of the stock were exchanged, compared to its average volume of 240,136. CTI BioPharma has a 52-week low of $0.60 and a 52-week high of $1.81. The business’s fifty day simple moving average is $0.80 and its two-hundred day simple moving average is $0.81.

CTI BioPharma (NASDAQ:CTIC) last released its earnings results on Monday, November 4th. The biopharmaceutical company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.06. CTI BioPharma had a negative return on equity of 78.10% and a negative net margin of 177.54%. The business had revenue of $2.29 million for the quarter.

A number of hedge funds have recently added to or reduced their stakes in CTIC. SG Americas Securities LLC grew its position in CTI BioPharma by 44.0% during the second quarter. SG Americas Securities LLC now owns 56,132 shares of the biopharmaceutical company’s stock worth $48,000 after buying an additional 17,163 shares in the last quarter. Fosun International Ltd grew its position in CTI BioPharma by 52.9% during the second quarter. Fosun International Ltd now owns 459,274 shares of the biopharmaceutical company’s stock worth $390,000 after buying an additional 158,846 shares in the last quarter. Renaissance Technologies LLC grew its position in CTI BioPharma by 24.5% during the second quarter. Renaissance Technologies LLC now owns 1,596,587 shares of the biopharmaceutical company’s stock worth $1,372,000 after buying an additional 314,235 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in CTI BioPharma during the second quarter worth about $119,000. 47.04% of the stock is currently owned by institutional investors and hedge funds.

CTI BioPharma Company Profile

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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