CTI BioPharma (NASDAQ:CTIC) Cut to “Hold” at Needham & Company LLC

CTI BioPharma (NASDAQ:CTIC – Get Rating) was downgraded by analysts at Needham & Company LLC from a “buy” rating to a “hold” rating in a research note issued on Wednesday, The Fly reports.

Other analysts have also issued research reports about the stock. TD Cowen cut their price objective on shares of CTI BioPharma from $10.00 to $8.00 and set an “outperform” rating on the stock in a research report on Monday, April 17th. StockNews.com raised shares of CTI BioPharma from a “sell” rating to a “hold” rating in a research report on Tuesday, March 14th. JMP Securities reaffirmed a “market outperform” rating and set a $9.00 price target on shares of CTI BioPharma in a research report on Tuesday, March 7th. Finally, Lake Street Capital lowered shares of CTI BioPharma from a “buy” rating to a “hold” rating in a research report on Wednesday. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $10.29.

CTI BioPharma Trading Up 0.1 %

Shares of NASDAQ CTIC opened at $8.94 on Wednesday. CTI BioPharma has a 1-year low of $3.55 and a 1-year high of $8.95. The company has a 50-day moving average of $4.69 and a two-hundred day moving average of $5.26. The company has a market cap of $1.18 billion, a PE ratio of -10.52 and a beta of 0.86.

CTI BioPharma (NASDAQ:CTIC – Get Rating) last issued its quarterly earnings data on Monday, March 6th. The biopharmaceutical company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.04). The company had revenue of $21.08 million for the quarter, compared to analysts’ expectations of $24.88 million. During the same period in the prior year, the company posted ($0.38) EPS. As a group, equities research analysts forecast that CTI BioPharma will post -0.26 earnings per share for the current year.

Hedge Funds Weigh In On CTI BioPharma

A number of large investors have recently added to or reduced their stakes in the business. State Street Corp boosted its stake in shares of CTI BioPharma by 39.5% during the 3rd quarter. State Street Corp now owns 13,742,554 shares of the biopharmaceutical company’s stock valued at $79,982,000 after purchasing an additional 3,893,026 shares in the last quarter. BlackRock Inc. boosted its stake in CTI BioPharma by 12.0% during the third quarter. BlackRock Inc. now owns 6,598,773 shares of the biopharmaceutical company’s stock worth $38,405,000 after acquiring an additional 707,804 shares in the last quarter. Stonepine Capital Management LLC raised its holdings in CTI BioPharma by 54.0% in the third quarter. Stonepine Capital Management LLC now owns 5,669,388 shares of the biopharmaceutical company’s stock worth $32,996,000 after buying an additional 1,988,193 shares during the last quarter. Vanguard Group Inc. raised its holdings in CTI BioPharma by 9.4% in the third quarter. Vanguard Group Inc. now owns 4,786,023 shares of the biopharmaceutical company’s stock worth $27,854,000 after buying an additional 409,584 shares during the last quarter. Finally, Sofinnova Investments Inc. raised its holdings in shares of CTI BioPharma by 33.6% during the third quarter. Sofinnova Investments Inc. now owns 3,612,376 shares of the biopharmaceutical company’s stock valued at $21,024,000 after purchasing an additional 907,866 shares during the last quarter. Hedge funds and other institutional investors own 99.40% of the company’s stock.

CTI BioPharma Company Profile

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CTI BioPharma Corp. is a biopharmaceutical company, which engages in the development, acquisition, and commercialization of novel targeted therapies for blood-related cancers. It focuses on evaluating pacritinib, its sole product candidate currently in active development, for the treatment of adult patients with myelofibrosis.