CTI BioPharma Corp (NASDAQ:CTIC) announced that data from the randomized Phase 3 PERSIST-2 clinical trial comparing the investigational agent pacritinib, an oral multikinase inhibitor, with physician-specified best available therapy (BAT), including ruxolitinib, for treatment of patients with myelofibrosis whose baseline platelet counts are less than 100,000 per microliter will be presented in a late-breaking oral presentation at the upcoming 58th American Society of Hematology (ASH) Annual Meeting, being held December 3-6 in San Diego, CA.
Myelofibrosis is associated with significantly reduced quality of life and shortened survival. Spleen enlargement (splenomegaly) is a common and debilitating symptom of myelofibrosis. As the disease progresses, the body slows production of important blood cells and within one year of diagnosis the incidence of disease-related thrombocytopenia (very low blood platelet counts), severe anemia and red blood cell transfusion requirements increase significantly. (Original Source)
Shares of CTI BioPharma are raising nearly 15% to $0.46 in after-hours trading Monday. CTIC has a 1-year high of $1.34 and a 1-year low of $0.25. The stock’s 50-day moving average is $0.39 and its 200-day moving average is $0.39.
On the ratings front, Piper Jaffray analyst Charles Duncan maintained a Hold rating on CTIC, with a price target of $0.75, in a report issued on August 29. The current price target represents a potential upside of 88% from where the stock is currently trading. According to TipRanks.com, Duncan has a yearly average loss of 0.8%, a 44% success rate, and is ranked #3116 out of 4227 analysts.
CTI BioPharma Corp. operates as a biopharmaceutical company, which is focused on the acquisition, development, and commercialization novel targeted therapies covering a spectrum of blood-related cancers. Its products include Pixuvri, Pacritinib, Tosedostat and Opaxio.