CTIC to Fall Sharply

Cell Therapeutics, Inc. (NASDAQ:CTIC) turned towards its annual low and lost 18.05% before the closing bell.

Following the unusual growth observed from January, 20 the shares of CTIC changed their moving trend and turned bearish. In the course of the recent trading the company experienced a drop of $0.24 per share and closed the trading session at $1.09. Over the recent year the shares of CTIC reached its annual high at $3.33 and had its lowest value at $0.95 which is only $0.14 lower than the recent closing price. Thus, CTIC is on the way to setting its new 52-low.

The company’s market capitalization at the current price is estimated at $210.11 million, which indicates that this is a small cap company. The unusual downgrade move resulted in the increasing trading volume. Thus, as many as 6.87 million shares of the company have recently been traded, which more than a tripled average trading volume of CTIC calculated at the 30-day basis. The company has issued 192.76 million outstanding shares that are currently involved in stock portfolios of various investors.

The company’s beta amounts to 5.42, which refers the company to a group of high risk as the stock is more than five times more volatile than the market.

CTIC became the biggest downgrade in the Russell 2000 index. The stock fell down sharply after the company reported that it had withdrawn its application with Food and Drug Administration (FDA) for a new drug known as Pixurvi aimed at treating non-Hodgkin’s lymphoma. The company’s management confirmed its determination to resubmit the application later this year.

Cell Therapeutics, Inc. belongs to the Biopharmaceutical and Drugs industry. The company is an acknowledged drug maker that focuses on research and development of medicines dedicated to treating various forms of cancer.