4 BioPharma Movers That Cannot Be Ignored

Health and Healthcare

Published: February 13, 2016 10:15 am

Last Updated: January 13, 2020 1:13 pm

Over the past week, a few biotech companies made absolutely massive runs, either up and down. In the past year, the health care sector was on fire from positive trials, U.S. Food and Drug Administration (FDA) approvals and mergers and acquisitions, but results are becoming more mixed as the valuation of these companies comes into question. Not to mention we seem to be in a bear market as well.

These companies 24/7 Wall St. has picked stood out from the rest with big moves over the course of last week. We have included information about each company, as well as recent trading activity and the consensus price target.

CTI BioPharma

Following an update from its Investigational New Drug application for pacritinib, CTI BioPharma Corp. (NASDAQ: CTIC) practically has become a penny stock overnight. The update basically states that the U.S. Food and Drug Administration (FDA) has placed pacritinib on a full clinical hold.

As a result, the company has withdrawn its New Drug Application until it has had a chance to review the safety and efficacy data from the Persist-2 Phase 3 clinical trial and decide next steps. Also under the full clinical hold, all patients currently on pacritinib must discontinue it immediately, and no patients can be enrolled or start pacritinib as initial or crossover treatment.

Over the course of the past week, CTI shares fell 72%, and they are down 74% year to date. The stock traded at $0.34 per share on Friday’s close. It has a consensus analyst price target of $4.28 and a 52-week trading range of $0.25 to $2.94.