CTI BioPharma Corp. (CTIC) Raised At WallachBeth Capital

CTI BioPharma Corp. (CTIC) was raised to ‘Buy’ from ‘Hold’ and had its $4.50 price target reiterated at WallachBeth Capital on Tuesday. The firm, whose target price suggests a potential upside of 79.28% from the company’s previous close, believes ticker’s current price-per-share represents an opportunity for sophisticated investors to accumulate shares.

A limited number of other analysts have also come out with their opinions about CTI BioPharma Corp. shares over the past several months. In a note on May 22nd, analysts at Ladenburg Thalmann initiated coverage on the bio company shares with a ‘Buy’ rating and a $6.00 price target. Roth Capital analysts also maintained their ‘Buy’ rating and $6.00 price target on CTI’s shares in a research note to investors on Thursday, January 2.

Shares of CTI BioPharma Corp. are trading down nearly 6% in Wednesday premarket trading. Over the last 52 weeks, the stock has been trading between $1.06 and $4.25. More recently in the last 4 weeks, the stock has been trading between $3.00 and $2.43. The $356 million market cap company reported $50.06 million in cash vs. $13.39 million in debt in its most recent quarter.

CTI’s 50-day moving average is $2.79 and its 200-day moving average is $3.17.

The chart below shows where the equity has traded over the last 52 weeks, with the 50-day and 200-day MAs included.

In today’s premarket session, the equity is down 14 cents, changing hands at $2.37 a share. CTIC is up 130.28% year-over-year, and 31.41% year-to-date.

CTI BioPharma Corp. is a biopharmaceutical company founded in 1991 and headquartered in Seattle, Washington.

Disclosure: No Position

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