Celsion Corporation (NASDAQ:CLSN) was down 6% during trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $1.80 and last traded at $2.12. Approximately 6,094,500 shares changed hands during mid-day trading, an increase of 328% from the average daily volume of 1,423,527 shares. The stock had previously closed at $2.00.
The biotechnology company reported ($0.70) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.14). Celsion Corporation had a negative net margin of 4,440.60% and a negative return on equity of 276.51%.
Several equities analysts have recently commented on CLSN shares. Maxim Group upgraded shares of Celsion Corporation from a “hold” rating to a “buy” rating and set a $7.00 target price for the company in a research report on Wednesday, October 4th. Zacks Investment Research upgraded shares of Celsion Corporation from a “hold” rating to a “buy” rating and set a $1.50 target price for the company in a research report on Tuesday, August 29th. Finally, ValuEngine upgraded shares of Celsion Corporation from a “strong sell” rating to a “sell” rating in a research report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $12.63.
An institutional investor recently bought a new position in Celsion Corporation stock. Sabby Management LLC bought a new position in shares of Celsion Corporation (NASDAQ:CLSN) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 108,843 shares of the biotechnology company’s stock, valued at approximately $223,000. Sabby Management LLC owned about 1.30% of Celsion Corporation at the end of the most recent reporting period. 5.66% of the stock is owned by institutional investors and hedge funds.
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About Celsion Corporation
Celsion Corporation is an oncology drug development company. The Company’s product candidate is ThermoDox, a heat-activated liposomal encapsulation of doxorubicin, which is in Phase III clinical trial for treatment of primary liver cancer (the OPTIMA Study) and a Phase II clinical trial for treatment of recurrent chest wall breast cancer (the DIGNITY Study).
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