Cell Therapeutics (NASDAQ:CTIC) Down 5.7% Post 3Q Results Announcement


Dallas, Texas 10/31/2013 (Financialstrend) – On October 30 Cell Therapeutics (NASDAQ:CTIC) reported its results from 3Q operations. The $192 million market capitalized drug maker had managed to post loss per share of $0.2. This was $0.03 more than what analysts were predicting. It was also able to generate revenue of $362,000 for the quarter. Post the results announcement, the stock shed close to 5.79% of its market value during trading yesterday.

In the run up to the results announcement the rating agency Janney Montgomery had initiated coverage of the stock by starting it at a Buy. The price target of one share of the stock has been pegged at $3. As of close of business on October 30, the stock was trading at $1.79 per share 12.2% below its 52 week high price.

The investor sell off the stock experienced yesterday is against the run of play for the stock. It has posted 7.83% gain in the past 30 days of trading and a 64% increase in its market value in the past quarter. The sustained gains was backed by positive results the drug maker has announced with regards to its target drug “Pixuvri”. The development stage drug maker had termed the target drug as “novel and distinct” based on pre clinic trails conducted by its researchers.

Cell Therapeutics (CTIC) has published that its unique method of making Pixuvri ” kill the tumour cells is novel and distinct” in comparison to other methods followed by “anthracyclines like doxorubicin.”

In the past 12 months, the drug maker has posted sales of $1.4 million and managed to accumulate net loss of $76 million. It has posted steady gains at the market over the past one year. It has gained close to 52% in value over the past 180 days and investors would be hoping that it would soon regain its lost momentum.