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 $11.80.
McCarthy observed:
“CytoSorbents announced it has been awarded up to $3M in non-dilutive funding from the Institute (NHLBI) to support the development of HemoDefend (red blood cell transfusion filter) over a three- year period. HemoDefend is expected to move into a pivotal program in 1Q19. The funds will also be used to support initial commercialization efforts.”
According to TipRanks.com, McCarthy is a 5-star analyst with an average return of 13.5% and a 43.7% 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.
See today’s analyst top recommended stocks >>
Based on Cytosorbents Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $5.82 million. In comparison, last year the company had a GAAP net loss of $1.12 million.
Based on the recent corporate insider activity of 31 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.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
