CytRx Corporation (NASDAQ:CYTR) Under Investor Scanner


Dallas, Texas 03/31/2014 (FINANCIALSTRENDS) – CytRx Corporation (NASDAQ:CYTR), the Los- Angeles based cancer treatment developer has surprisingly come under the scanner for misleading investors. CytRx Corporation (NASDAQ:CYTR) is currently under investigation by Cohen Milstein Sellers & Toll PLLC, to find out if there was intentional misleading by executives and office bearers of the organization. The sections for which the investigations are being conducted are: Sections 10(b), 20(a) of the Securities Exchange Act of 1934.

CytRx Corporation (NASDAQ:CYTR) holds a market cap of $190.59 million and also holds an average trading volume of 2.68million. The company has in the previous trading session opened stocks at prices of $3.20, while the price of this stock ranged between $3.19 and $3.49. The company has also posted 52 week high of 8.35 and 1.95 low. EPS has been -1.34 and the outstanding shares have been 55.56 million. Beta is 1.49.

CytRx Corporation (NASDAQ:CYTR) specializes in the preparation of medicines to treat cancer. As one of the leading companies involved in this sector, it holds a long-line of products which are known to provide relief in this sector. The first is the INNO-206, tamibarotene as well as bafetinib. It has to benoted that INNO-20 targets tumor with the doxorubicin conjugate.

CytRx Corporation (NASDAQ:CYTR) has previously sold the intellectual property rights of this to Orphazyme Aps in 2011.

CYTR currently has competitor such as, Ariad Pharmaceuticals, Johnson & Johnson Merck & Co., as well as Cell Therapeutics, GlaxoSmithKline, besides Sanofi-Aventis.

CYTR has also been in the news for paid promotions. Along with GALE, the company has been under investigations for unprecedented gains the company had- an increase of nearly four times, due to a behind the seam 100 Dream Team articles.

Investors were apparently lured by contents of the newsletters which led to the gains made by both GALE as well as CTRY.

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