Analysts Anticipate CTI BioPharma Corp (CTIC) Will Announce Quarterly Sales of $10.30 Million

Equities analysts expect CTI BioPharma Corp (NASDAQ:CTIC) to report sales of $10.30 million for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for CTI BioPharma’s earnings, with the highest sales estimate coming in at $10.50 million and the lowest estimate coming in at $10.10 million. CTI BioPharma reported sales of $750,000.00 in the same quarter last year, which would indicate a positive year over year growth rate of 1,273.3%. The company is expected to report its next earnings results on Wednesday, May 2nd.

On average, analysts expect that CTI BioPharma will report full year sales of $10.30 million for the current fiscal year, with estimates ranging from $10.56 million to $12.00 million. For the next fiscal year, analysts forecast that the company will post sales of $18.34 million per share, with estimates ranging from $14.69 million to $22.00 million. Zacks’ sales averages are a mean average based on a survey of research analysts that cover CTI BioPharma.

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CTI BioPharma (NASDAQ:CTIC) last posted its quarterly earnings data on Wednesday, March 7th. The biopharmaceutical company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.04). The firm had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $1.00 million. CTI BioPharma had a negative net margin of 161.74% and a negative return on equity of 233.13%. During the same period in the previous year, the company earned ($0.70) earnings per share.

A number of equities analysts have weighed in on CTIC shares. Zacks Investment Research raised shares of CTI BioPharma from a “hold” rating to a “buy” rating and set a $3.00 price objective for the company in a research report on Wednesday, December 27th. Cann started coverage on shares of CTI BioPharma in a research report on Friday, February 23rd. They set an “outperform” rating on the stock. Oppenheimer started coverage on shares of CTI BioPharma in a research report on Friday, February 23rd. They set an “outperform” rating and a $5.00 price target on the stock. JMP Securities started coverage on shares of CTI BioPharma in a research report on Wednesday, March 7th. They set an “outperform” rating and a $8.00 price target on the stock. Finally, Needham & Company LLC started coverage on shares of CTI BioPharma in a research report on Monday, March 26th. They set a “buy” rating and a $10.00 price target on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $6.42.

NASDAQ:CTIC remained flat at $$3.89 on Friday. 85,371 shares of the company’s stock were exchanged, compared to its average volume of 415,898. The company has a current ratio of 2.44, a quick ratio of 2.41 and a debt-to-equity ratio of 0.90. The stock has a market cap of $226.13, a PE ratio of -3.14 and a beta of 0.14. CTI BioPharma has a one year low of $2.45 and a one year high of $4.52.

In other CTI BioPharma news, insider Value Fund L. P. Biotechnology acquired 6,333,333 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were purchased at an average price of $3.00 per share, for a total transaction of $18,999,999.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Bvf Partners L. P/Il acquired 5,634,108 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were acquired at an average price of $3.00 per share, for a total transaction of $16,902,324.00. The disclosure for this purchase can be found here. Company insiders own 2.72% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jane Street Group LLC acquired a new stake in CTI BioPharma during the fourth quarter worth about $472,000. Renaissance Technologies LLC raised its stake in CTI BioPharma by 48.3% during the fourth quarter. Renaissance Technologies LLC now owns 609,849 shares of the biopharmaceutical company’s stock worth $1,634,000 after acquiring an additional 198,700 shares during the period. Stonepine Capital Management LLC raised its stake in CTI BioPharma by 84.8% during the fourth quarter. Stonepine Capital Management LLC now owns 1,834,838 shares of the biopharmaceutical company’s stock worth $4,917,000 after acquiring an additional 841,838 shares during the period. Kennedy Capital Management Inc. acquired a new stake in CTI BioPharma during the fourth quarter worth about $660,000. Finally, OxFORD Asset Management LLP acquired a new stake in CTI BioPharma during the third quarter worth about $164,000. Hedge funds and other institutional investors own 33.95% of the company’s stock.

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CTI BioPharma Company Profile

CTI BioPharma Corp., a biopharmaceutical company, focuses on the acquisition, development, and commercialization of novel targeted therapies for blood-related cancers in the United States and internationally. It develops PIXUVRI, a novel aza-anthracenedione for the treatment of adult patients with multiply relapsed or refractory aggressive B-cell non-Hodgkin lymphoma; and pacritinib, an investigational oral kinase inhibitor with specificity for JAK2, FLT3, IRAK1, and CSF1R, which is in Phase III clinical trials for the treatment of adult patients with myelofibrosis.

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