CytRx Corporation (NASDAQ:CYTR) Surges Ahead On Encouraging Cancer Drug Clinical Trial Results

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Dallas, Texas 12/16/2013 (FINANCIALSTRENDS) – CytRx Corporation (NASDAQ:CYTR) is an $240 million market capped small cap bio tech player which is yet to develop drugs which are yet to be released in the market. In the past week the stock of this  mini cap drug firm has posted a huge 127 percent increase in its market value to add to its already impressive surge forward during the past month in which it is has seen its value get buoyed by a staggering 168 percent.

The stock of CytRx Corporation (NASDAQ:CYTR) was trading at $5.72 per share during trading on December 13. This huge appreciation in the past quarter has taken the stock upwards from its prior 52 week low price by a huge 217 percent. At its current rate of appreciation the stock is expected to surge past its prior 52 week high price of $6.36 in the near future.

This huge rally was triggered post positive results which were released by CytRx Corporation (NASDAQ:CYTR) on December 11.  As per the mid stage results from its trial of drugs designed to treat patients suffering from soft tissue sarcoma, the company found that its target drug ‘aldoxorubicin” was found to be much more effective in comparison to existing cancer drugs in the market.

The target drug “Aldoxorubicin” for which CytRx Corporation (NASDAQ:CYTR) is conducting clinical trials in order to take it to the market , is a derivative of doxorubicin with a stand along molecule of albumin and is found to be extremely effective in countering the cancer and tumour cells.

Post the announcment various rating agencies were quick to upgrade and reiterate their estimations of the stock of the drug maker. Aegis Capital on December 12, eritrated its December 4 call of a BUY on the stock and has increased the price target for the stock to a $8 from previous $7.

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