CytRx Corporation (NASDAQ:CYTR), a biopharmaceutical research and development company specializing in oncology, today announced the closing of its previously announced underwritten public offering. The gross proceeds from its sale of 10,465,000 shares of common stock at a public offering price of $2.75 per share, including 1,365,000 shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, were approximately $28.8 million prior to deducting underwriting discounts and commissions and offering expenses payable by CytRx.
CytRx intends to use the net proceeds of the offering to fund clinical trials of its drug candidate aldoxorubicin and its drug discovery activities and for general corporate purposes, which may include pre-commercialization activities relating to aldoxorubicin, working capital, capital expenditures, research and development and other commercial expenditures.
Jefferies LLC acted as the sole book-running manager for the offering. Oppenheimer & Co. Inc., Aegis Capital Corp., FBR Capital Markets & Co., and H.C. Wainwright & Co. acted as co-lead managers for the offering. (Original Source)
Shares of Cytrx opened today at $2.81 and are currently trading up at $2.84. CYTR has a 1-year high of $5.42 and a 1-year low of $2.08. The stock’s 50-day moving average is $3.80 and its 200-day moving average is $3.65.
On the ratings front, Cytrx has been the subject of a number of recent research reports. In a report issued on May 22, Imperial analyst Ashok Kumar maintained a Buy rating on CYTR, with a price target of $6, which represents a potential upside of 113.5% from where the stock is currently trading. Separately, on May 5, Oppenheimer’s Christopher Marai reiterated a Buy rating on the stock and has a price target of $10.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Ashok Kumar and Christopher Marai have a total average return of 11.9% and 53.8% respectively. Kumar has a success rate of 57.4% and is ranked #405 out of 3714 analysts, while Marai has a success rate of 77.8% and is ranked #4.
CytRx Corp is a biopharmaceutical research and development company specializing in oncology. Its oncology pipeline includes three clinical-stage drug candidates in various stages of development: Aldoxorubicin, Tamibarotene, and Bafetinib.