Stock Update (NASDAQ:CYTX): Cytori Therapeutics Inc to Address Nasdaq Listing via Nasdaq Hearing Panel
Cytori Therapeutics Inc (NASDAQ:CYTX) announced that it has received formal confirmation from The Nasdaq Stock Market LLC (“Nasdaq”) that Cytori’s request for an oral hearing with the Nasdaq Hearing Panel (“Panel”) has been granted. The hearing will occur on January 21, 2016 at Nasdaq’s Washington, D.C. offices. During the period prior to the hearing, Cytori’s common stock will continue to trade on The Nasdaq Global Market (“NGM”). Cytori intends to present a plan to the Hearing Panel that will allow it to remain on the NGM. As an alternative, Cytori believes that it is fully eligible to transfer to The Nasdaq Capital Market (“NCM”), in which case it would be entitled to rely on a second 180-day period (retroactively measured from December 1, 2015). During this second 180-day period, if required Cytori will be in a position to effect a reverse stock split to bring the bid price of its common stock above the minimum $1 threshold.
As Cytori reported on December 7, 2015, it received a determination letter from the Nasdaq staff stating that it has yet to regain compliance with the minimum bid price requirement for continued listing set forth in Nasdaq Marketplace Rule 5450(a)(1). Upon receipt of the determination letter, Cytori chose to pursue a hearing in front of the Hearing Panel rather than seek an immediate transfer to the NCM because management believes that pursuing a hearing allows it the opportunity to present a comprehensive plan to regain compliance with NGM continued listing requirements. (Original Source)
Shares of Cytori Therapeutics closed yesterday at $0.314, down $0.03 or -7.56%. CYTX has a 1-year high of $1.47 and a 1-year low of $0.29. The stock’s 50-day moving average is $0.36 and its 200-day moving average is $0.44.
On the ratings front, Cytori has been the subject of a number of recent research reports. In a report issued on December 3, Maxim Group analyst Jason Kolbert reiterated a Buy rating on CYTX, with a price target of $5, which represents a potential upside of 1491.3% from where the stock is currently trading. Separately, on November 9, Roth Capital’s Joseph Pantginis maintained a Buy rating on the stock and has a price target of $2.50.
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 -14.9% and -4.0% respectively. Kolbert has a success rate of 28.2% and is ranked #3631 out of 3638 analysts, while Pantginis has a success rate of 38.9% and is ranked #3490.
Cytori Therapeutics Inc is engaged in the development of novel treatments for cardiovascular disease and soft tissue injuries and burns.