Q2 2023 Earnings Forecast for CTI BioPharma Corp. Issued By Brookline Capital Management (NASDAQ:CTIC)

CTI BioPharma Corp. (NASDAQ:CTIC – Get Rating) – Equities research analysts at Brookline Capital Management decreased their Q2 2023 earnings per share estimates for CTI BioPharma in a note issued to investors on Monday, May 15th. Brookline Capital Management analyst L. Cann now expects that the biopharmaceutical company will post earnings per share of ($0.06) for the quarter, down from their previous estimate of ($0.05). The consensus estimate for CTI BioPharma’s current full-year earnings is ($0.25) per share. Brookline Capital Management also issued estimates for CTI BioPharma’s Q3 2023 earnings at ($0.05) EPS, Q4 2023 earnings at ($0.05) EPS, FY2023 earnings at ($0.24) EPS, FY2024 earnings at $0.04 EPS and FY2025 earnings at $0.47 EPS.

CTI BioPharma (NASDAQ:CTIC – Get Rating) last posted its quarterly earnings data on Monday, March 6th. The biopharmaceutical company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.04). The company had revenue of $21.08 million for the quarter, compared to the consensus estimate of $24.88 million. During the same quarter last year, the business posted ($0.38) EPS.

A number of other equities research analysts also recently weighed in on the company. TD Cowen lowered their price target on CTI BioPharma from $10.00 to $8.00 and set an “outperform” rating on the stock in a research report on Monday, April 17th. Stifel Nicolaus downgraded CTI BioPharma from a “buy” rating to a “hold” rating in a research report on Monday. Lake Street Capital cut shares of CTI BioPharma from a “buy” rating to a “hold” rating in a research report on Wednesday, May 10th. SVB Securities lowered shares of CTI BioPharma from an “outperform” rating to a “market perform” rating in a report on Tuesday. Finally, JMP Securities downgraded CTI BioPharma from an “outperform” rating to a “market perform” rating in a report on Thursday, May 11th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, CTI BioPharma currently has an average rating of “Hold” and a consensus target price of $10.29.

CTI BioPharma Stock Performance

CTI BioPharma stock opened at $8.92 on Thursday. CTI BioPharma has a fifty-two week low of $4.01 and a fifty-two week high of $8.96. The stock has a market cap of $1.18 billion, a P/E ratio of -15.38 and a beta of 0.86. The firm’s fifty day moving average price is $5.17 and its 200-day moving average price is $5.43.

Hedge Funds Weigh In On CTI BioPharma

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp grew its holdings in shares of CTI BioPharma by 3,530.0% during the 2nd quarter. State Street Corp now owns 9,849,528 shares of the biopharmaceutical company’s stock worth $58,802,000 after acquiring an additional 9,578,193 shares during the period. Rubric Capital Management LP purchased a new stake in CTI BioPharma in the first quarter worth $37,646,000. Bank of America Corp DE raised its holdings in CTI BioPharma by 279.0% in the first quarter. Bank of America Corp DE now owns 3,510,679 shares of the biopharmaceutical company’s stock worth $14,745,000 after purchasing an additional 2,584,316 shares in the last quarter. Stonepine Capital Management LLC lifted its position in CTI BioPharma by 54.0% during the third quarter. Stonepine Capital Management LLC now owns 5,669,388 shares of the biopharmaceutical company’s stock valued at $32,996,000 after buying an additional 1,988,193 shares during the period. Finally, Point72 Asset Management L.P. boosted its holdings in shares of CTI BioPharma by 1,529.0% during the 4th quarter. Point72 Asset Management L.P. now owns 1,757,800 shares of the biopharmaceutical company’s stock valued at $10,564,000 after buying an additional 1,649,890 shares in the last quarter. Institutional investors own 99.40% of the company’s stock.

About CTI BioPharma

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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.