CTI BioPharma (NASDAQ:CTIC) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of CTI BioPharma (NASDAQ:CTIC) in a research note issued to investors on Tuesday, AnalystRatings.com reports. The firm currently has a $4.00 price target on the biopharmaceutical company’s stock.

Shares of CTIC stock opened at $0.98 on Tuesday. CTI BioPharma has a 52 week low of $0.60 and a 52 week high of $1.59. The firm has a 50 day moving average of $0.81 and a two-hundred day moving average of $0.80.

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

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC increased its holdings in CTI BioPharma by 24.5% during the 2nd quarter. Renaissance Technologies LLC now owns 1,596,587 shares of the biopharmaceutical company’s stock worth $1,372,000 after purchasing an additional 314,235 shares during the period. Fosun International Ltd raised its position in CTI BioPharma by 52.9% in the 2nd quarter. Fosun International Ltd now owns 459,274 shares of the biopharmaceutical company’s stock valued at $390,000 after purchasing an additional 158,846 shares in the last quarter. Jane Street Group LLC acquired a new stake in CTI BioPharma in the 2nd quarter valued at about $119,000. Squarepoint Ops LLC boosted its stake in shares of CTI BioPharma by 145.0% in the 3rd quarter. Squarepoint Ops LLC now owns 89,228 shares of the biopharmaceutical company’s stock valued at $75,000 after buying an additional 52,803 shares during the period. Finally, SG Americas Securities LLC grew its position in shares of 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. 43.43% of the stock is owned by hedge funds and other institutional investors.

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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