In a report released today, Leah R. Cann from Oppenheimer maintained a Buy rating on CTI BioPharma (NASDAQ: CTIC), with a price target of $4. The company’s shares closed yesterday at $1.77, close to its 52-week low of $1.66.
Cann commented:
“CTI BioPharma released Q3 2018 results yesterday, and loss per share of $0.26 was higher than our estimated ($0.16), due to higher operating loss and no other-income to offset the higher loss. Total revenue of $0.7 million was in line with our estimate. All revenue was License and Contract Revenue. Total operating expenses of $14.8 million were higher than our estimated $13.3 million, due to higher than estimated R&D expense.”
According to TipRanks.com, Cann is a 3-star analyst with an average return of 3.7% and a 39.5% success rate. Cann covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Miragen Therapeutics Inc, and CytomX Therapeutics Inc.
CTI BioPharma has an analyst consensus of Moderate Buy, with a price target consensus of $4.
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Based on CTI BioPharma’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $11.34 million. In comparison, last year the company had a GAAP net loss of $11.97 million.
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CTI BioPharma Corp. operates as a biopharmaceutical company, which focuses on the development, acquisition, and commercialization of novel targeted therapies for blood-related cancers. Its products include PIXUVRI, Pacritinib, Tosedostat and Opaxio.
