Stock Update (NASDAQ:CTIC): CTI BioPharma Corp Receives $10 Million Milestone Payment for TRISENOX®
CTI BioPharma Corp (NASDAQ:CTIC) announced that it has received a $10 million milestone payment from Teva Pharmaceutical Industries Ltd. (Teva) related to the achievement of sales milestones for TRISENOX® (arsenic trioxide). TRISENOX was acquired from CTI BioPharma by Cephalon, Inc. (Cephalon). Cephalon was subsequently acquired by Teva. The milestone was paid pursuant to an acquisition agreement for TRISENOX entered into with Cephalon under which CTI BioPharma is eligible to receive up to an additional $70 million in payments upon achievement by Teva of specified sales and development milestones related to TRISENOX. (Original Source)
Shares of CTI BioPharma closed last Friday at $1.10, up $0.01 or 0.92%. CTIC has a 1-year high of $2.94 and a 1-year low of $0.80. The stock’s 50-day moving average is $1.23 and its 200-day moving average is $1.66.
On the ratings front, CTIC has been the subject of a number of recent research reports. In a report issued on December 10, Piper Jaffray analyst Charles Duncan reiterated a Buy rating on CTIC, with a price target of $8, which represents a potential upside of 627.3% from where the stock is currently trading. Separately, on November 9, WallachBeth Capital LLC’s Bob Ai downgraded the stock to Hold and has a price target of $1.60.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Charles Duncan and Bob Ai have a total average return of 4.4% and -10.3% respectively. Duncan has a success rate of 42.5% and is ranked #812 out of 3618 analysts, while Ai has a success rate of 30.0% and is ranked #3067.