SSgA Funds Management, Inc. has recently announced that it has increased stake in CTI BioPharma Corp. (NASDAQ:CTIC) by 39.53%. After grabbing 13.74 million shares, the institutional investor is now in possession of 3.89 million shares of the Healthcare Company. The new investment brought the stake of investor firm to 12.01% having worth around $67.34 million. Moreover, BlackRock Fund Advisors increased its share by 0.65 million to have a control over 6.02 million shares. And Stonepine Capital Management LLC raised its holdings to 1.99 million shares by acquiring 5.67 million shares or 4.96% of the stake.
CTI BioPharma Corp. (CTIC) concluded trading on 11/23/22 at a closing price of $5.75, with 2.98 million shares of worth about $17.16 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 8.08% during that period and on Wednesday the price saw a loss of about -3.85%. Currently the company’s common shares owned by public are about 126.89M shares, out of which, 125.93M shares are available for trading.
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 9 analysts are covering the CTIC stock and their offered price forecasts bring an average price target of $11.08. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $15.00 and could fall to a lowest price of $8.70. The stock’s current price level is 48.1% above of average price target set by the analysts, while a rise to estimated low would result in gain of 33.91% for the stock. However, touching the estimated high of $15.00 would mean a gain of 61.67% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 55 times over the past 12 months. They bought 746,423 shares in 27 of the transactions. In 28 selling transactions, insiders dumped 734,109 shares.
SPDR S&P Biotech ETF, Vanguard Total Stock Market Index, and iShares Russell 2000 ETF are the top 3 mutual funds which are holding stakes in CTI BioPharma Corp. SPDR S&P Biotech ETF is currently holding 12.89 million shares of worth totaling $63.18 million. The company recently came buying 71300.0 shares which brought its stake up to 11.27% of the company’s outstanding shares. Vanguard Total Stock Market Index bought 0.12 million shares, after which its hold over company’s outstanding shares expand to 2.58%, leaving 2.95 million shares with the mutual fund that have a worth of about $14.47 million. iShares Russell 2000 ETF, after selling 2.18 million shares, have now control over 1.91% of the stake in the company. It holds 40446.0 shares of worth $10.68 million.
CTI BioPharma Corp. (NASDAQ: CTIC) started trading at $5.95, below -$0.03 from concluding price of the previous day. However, the stock later moved at a day high price of 6.11, or with a loss of -3.85%. Stock saw a price change of 3.42% in past 5 days and over the past one month there was a price change of 22.34%. Year-to-date (YTD), CTIC shares are showing a performance of 131.85% which increased to 144.68% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $1.43 but also hit the highest price of $7.80 during that period. The average intraday trading volume for CTI BioPharma Corp. shares is 3.92 million. The stock is currently trading 5.65% above its 20-day simple moving average (SMA20), while that difference is up 6.09% for SMA50 and it goes to 10.33% higher than SMA200.
SSgA Funds Management, Inc. acquired 13.74 million shares of CTI BioPharma Corp. having value of about $67.34 million. Data submitted at the U.S SEC by SSgA Funds Management, Inc. revealed that the firm now holds 3.89 million shares in the company valued at close to $22384899.5, or have control over 39.53% stake in the company. CTI BioPharma Corp. (NASDAQ: CTIC) currently have 126.89M outstanding shares and institutions hold larger chunk of about 79.30% of that. Holding of mutual funds in the company is about 52.23% while other institutional holders and individual stake holders have control over 8.72% and 30.48% of the stake respectively.
The stock has a current market capitalization of $712.31M and its 3Y-monthly beta is at 0.82. It has posted earnings per share of -$1.09 in the same period. It has Quick Ratio of 3.20. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for CTIC, volatility over the week remained 5.24% while standing at 6.35% over the month.
Analysts are in expectations that CTI BioPharma Corp. (CTIC) stock would likely to be making an EPS of -$0.16 in the current quarter, while forecast for next quarter EPS is -$0.12 and it is -$0.06 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.18 which is -$0.11 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.26 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -47.40% while it is estimated to increase by 98.60% in next year.
Analysts at 9 brokerage firms have issued recommendations for the CTI BioPharma Corp. (CTIC)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.60. Out of those 9 Wall Street analysts, 9 recommended a “Buy” rating, while 0 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by SVB Leerink on October 17, 2022 offering an Outperform rating for the stock and assigned a target price of $13 to it. Coverage by Jefferies stated CTI BioPharma Corp. (CTIC) stock as a Buy in their note to investors on September 01, 2022, suggesting a price target of $13 for the stock. On July 07, 2022, Cowen Initiated their recommendations, while on August 09, 2021, BTIG Research Initiated their ratings for the stock with a price target of $7. Stock get a Buy rating from Stifel on May 06, 2021.