Stock Update (NASDAQ:CYTX): Cytori Therapeutics Inc Announces Commencement of Subscription Period for Previously Announced Rights Offering
Cytori Therapeutics Inc (NASDAQ:CYTX) announced it has commenced the subscription period for its previously announced rights offering of up to 6,896,551 units consisting of shares of common stock and warrants to purchase shares of common stock to existing stockholders. The rights offering will remain open until 5:00 PM Eastern Time on Thursday, June 9, 2016, unless extended. Rights holders will need to exercise their subscription rights prior to that date and time.
If exercising subscription rights through a broker, dealer, bank or other nominee, rights holders should promptly contact their nominee and submit subscription documents and payment for the units subscribed for in accordance with the instructions and within the time period provided by such nominee. The broker, dealer, bank or other nominee may establish a deadline before June 9 by which instructions to exercise subscription rights, along with the required subscription payment, must be received. (Original Source)
Shares of Cytori closed last Friday at $2.96, down $0.01 or 0.34%. CYTX has a 1-year high of $10.64 and a 1-year low of $1.92. The stock’s 50-day moving average is $3.76 and its 200-day moving average is $3.41.
On the ratings front, Cytori has been the subject of a number of recent research reports. In a report issued on March 28, Maxim Group analyst Jason Kolbert reiterated a Buy rating on CYTX, with a price target of $75, which represents a potential upside of 2433.8% from where the stock is currently trading. Separately, on March 24, Roth Capital’s Joseph Pantginis maintained a Buy rating on the stock and has a price target of $22.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Joseph Pantginis have a total average return of -14.1% and 0.2% respectively. Kolbert has a success rate of 30.8% and is ranked #3889 out of 3891 analysts, while Pantginis has a success rate of 37.7% and is ranked #2067.