Saturday, June 25, 2022

A company insider recently sold 60,000 shares of CTI BioPharma Corp. [CTIC]. Should You Sale?

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. CTI BioPharma Corp. shares valued at $372,505 were sold by KIRSKE DAVID on Jun 17. At $6.21 per share, KIRSKE DAVID sold 60,000 shares. The insider’s holdings dropped to 7,397 shares worth approximately $44160.09 following the completion of this transaction.

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Also, KIRSKE DAVID sold 10,000 shares, netting a total of over 55,000 in proceeds. Following the sale of shares at $5.50 each, the insider now holds 7,397 shares.

Before that, Craig Adam R had sold 18,223 shares from its account. In a trade valued at $109,520, the President and CEO traded CTI BioPharma Corp. shares for $6.01 each. Upon closing the transaction, the insider’s holdings decreased to 18,223 shares, worth approximately $99567.65999999999.

As published in their initiating research note from BTIG Research on August 09, 2021, CTI BioPharma Corp. [CTIC] has been a Buy and the price target has been revised to $7. This represents a 14.71% premium over Wednesday’s closing price. Analysts at Stifel started covering the stock with ‘”a Buy”‘ outlook in a report released in early May. Earlier on March 05, 2019, Lake Street initiated its rating. Their recommendation was “a Buy” for CTIC stock.

Analyzing CTIC’s Price Performance

On Wednesday, CTI BioPharma Corp. [NASDAQ: CTIC] rose 2.23% to $5.97. The stock’s lowest price that day was $5.69, but it reached a high of $6.145 in the same session. During the last five days, there has been a surge of approximately 9.94%. Over the course of the year, CTI BioPharma Corp. shares have jumped approximately 140.73%. Shares of the company reached a 52-week high of $6.52 on 06/09/22 and a 52-week low of $1.82 on 02/28/22. A 50-day SMA is recorded $5.09, while a 200-day SMA reached $3.40. Nevertheless, trading volume fell to 5.28 million shares from 6.47 million shares the previous day.

Support And Resistance Levels for CTI BioPharma Corp. (CTIC)

According to the 24-hour chart, there is a support level at 5.72, which, if violated, would cause prices to drop to 5.48. In the upper region, resistance lies at 6.18. The next price resistance is at 6.39. RSI (Relative Strength Index) is 56.71 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.21, which suggests the price will decrease in the coming days. Percent R is at 35.03%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is CTI BioPharma Corp. subject to short interest?

Stocks of CTI BioPharma Corp. saw a sharp steep in short interest on Apr 28, 2022 dropping by -0.54 million shares to 9.4 million. Data from Yahoo Finance shows that the short interest on Mar 30, 2022 was 9.94 million shares. A decline of -5.74% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.59 of the overall float, the days-to-cover ratio (short ratio) decline to 2.59.

Which companies own the most shares of CTI BioPharma Corp. (CTIC)?

According to BVF Partners LP filings, the company currently owns 8,929,690 shares, which is about 8.20% of the total CTIC shares outstanding. The investor’s shares have plunged by 0 from its previous 13-F filing of 8929690.0 shares. With the completion of the buy, Millennium Management LLC’s stake is now worth $32,266,608. Lion Point Capital LP acquire a 348.64% interest valued at $29.81 million while Stonepine Capital Management LLC sold a -4,115,954 stake. A total of 3,609,707 shares of CTI BioPharma Corp. were sold by Bleichroeder LP during the quarter, and 239,121 were bought by The Vanguard Group, Inc. In its current portfolio, SilverArc Capital Management LLC holds 2,250,000 shares valued at $12.22 million.

On March 26, 2018, Needham assigned a price target of “a Buy” to the stock and initiated coverage with a $10.

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