Maxim Group Believes Cytosorbents Corp (CTSO) Still Has Room to Grow

In a report released today, Jason McCarthy from Maxim Group maintained a Buy rating on Cytosorbents Corp (NASDAQ: CTSO), with a price target of $18. The company’s shares opened today at $14.75, close to its 52-week high of $14.95.

McCarthy observed:

“CytoSorbents announced that its REFRESH 2-AKI protocol amendment has been approved by the FDA. Given the expansion of inclusion parameters, enrollment (target N=400) should begin to accelerate.”

According to TipRanks.com, McCarthy is a 5-star analyst with an average return of 19.0% and a 52.9% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, ContraVir Pharmaceuticals Inc, and Sonoma Pharmaceuticals Inc.

Currently, the analyst consensus on Cytosorbents Corp is a Strong Buy with an average price target of $16.13, which is a 9.4% upside from current levels. In a report issued on August 27, B.Riley FBR also assigned a Buy rating to the stock with a $16.50 price target.

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The company has a one-year high of $14.95 and a one-year low of $5.10. Currently, Cytosorbents Corp has an average volume of 307.4K.

Based on the recent corporate insider activity of 35 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CTSO in relation to earlier this year. Most recently, in June 2018, Phillip Chan, the President & CEO of CTSO bought 8,000 shares for a total of $30,000.

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CytoSorbents Corp. engages in the development of blood purification technology for the reduction of deadly uncontrolled inflammation in hospitalized patients. Its product, CytoSorb, is a extracorporeal cytokine filter and seeks to reduce cytokine storm that could otherwise cause massive inflammation, organ failure, and death in common critical illnesses such as sepsis, burn injury, trauma, lung injury, and pancreatitis. The company was founded by Joseph Rubin on April 25, 2002 and is headquartered in Monmouth Junction, NJ.