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      CTI BioPharma Corp. (CTIC) stock gains value in Pre-market, Here is why? - Stocks Telegraph

      By ST Staff

      Published on

      November 30, 2021

      1:41 PM UTC

      Last Updated on

      November 30, 2021

      1:51 PM UTC

      CTI BioPharma Corp. (CTIC) stock gains value in Pre-market, Here is why? - Stocks Telegraph

      The stock of CTI BioPharma Corp. (CTIC) gained value In Pre-market. The stock gained its value by 3.76% to reach $2.76. At the end of the last trading session, the stock closed at $2.48. The average volume of stock traded in the last trading session was around 1.02 Million.

      Reasons for the CTIC stock gain:

      The reason for the stock gain could be linked to the stock analysts’ and investors’ expectations. They are forecasting that the stock should reach $5 in December. This increased the interest of many investors and the average volume of stock trading in the market increased to more than 1 million. This sudden increase in the trading volume of its stock could bounce back and the stock could see a decline in the trend.

      The other reason could be linked to its rise in the stock when the company announced that they grant an equity award to its 9 new employees as equity inducement awards. As a result of which the employees will receive an option to purchase 162K shares of CTI BioPharma Corp. (CTIC) common stock.

      Financial highlights of 3rd quarter:

      • The revenue of the CTI BioPharma Corp. (CTIC) was zero in the 3rd
      • The company reported a net loss of $24.18 million in the quarter ended on 30th September 2021.
      • The loss increased due to the increase in the expense of research and development.
      • The operating income was reported to be $23.38 million.
      • The change in cash increased by $23.40 million.
      • Due to which the company’s cash in hand and cash equivalents reached $95.28 million as of 30th September 2021. This is a change of 110.32% from the same quarter of the previous year. In the 3rd quarter of 2020, the company had cash and cash equivalents of $45.30 million.

      Conclusion:

      Many analysts are suggesting that CTI BioPharma Corp. (CTIC) is a strong sell at the moment. The increasing trading volume of stock could negatively affect the price of the stock. The company is expecting to come up with major developments in terms of the development in the PRE-VENT vaccine for the treatments of the severe COVID cases, although in the previous trials it did not achieve the desired results. They are working on its development and if the vaccine showed positive results, it would benefit their stock position in the market.

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