CytRx Corp. (NASDAQ:CYTR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm presently has a $0.75 price target on the stock. Zacks Investment Research’s price target points to a potential upside of 29.76% from the company’s current price.
According to Zacks, “CYTRX CORP. is engaged in the development and commercialization of pharmaceutical related products and services including human therapeutics focused on high-value critical- care therapies. “
Several other brokerages also recently issued reports on CYTR. FBR & Co reissued an “outperform” rating and set a $8.00 price objective on shares of CytRx Corp. in a research report on Friday, May 20th. S&P Equity Research lowered their price objective on shares of CytRx Corp. from $1.04 to $0.75 in a research report on Tuesday, July 12th. Finally, Jefferies Group reissued a “hold” rating on shares of CytRx Corp. in a research report on Wednesday, June 8th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. CytRx Corp. currently has a consensus rating of “Buy” and an average price target of $5.32.

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Other hedge funds recently made changes to their positions in the company. Geode Capital Management LLC boosted its stake in shares of CytRx Corp. by 0.8% in the first quarter. Geode Capital Management LLC now owns 351,694 shares of the company’s stock valued at $942,000 after buying an additional 2,958 shares during the period. RTW Investments LLC boosted its stake in shares of CytRx Corp. by 11.1% in the first quarter. RTW Investments LLC now owns 513,092 shares of the company’s stock valued at $1,375,000 after buying an additional 51,268 shares during the period. Metropolitan Life Insurance Co. NY bought a new stake in shares of CytRx Corp. during the first quarter valued at approximately $155,000. Finally, State Street Corp boosted its stake in shares of CytRx Corp. by 17.3% in the first quarter. State Street Corp now owns 932,902 shares of the company’s stock valued at $2,500,000 after buying an additional 137,264 shares during the period.
Shares of CytRx Corp. (NASDAQ:CYTR) traded up 1.368% during mid-day trading on Tuesday, reaching $0.578. 828,436 shares of the company traded hands. The stock’s 50-day moving average is $0.59 and its 200-day moving average is $2.12. The company’s market capitalization is $56.03 million. CytRx Corp. has a 52 week low of $0.55 and a 52 week high of $3.66.
CytRx Corp. (NASDAQ:CYTR) last issued its quarterly earnings data on Friday, July 29th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.19) by $0.08. On average, equities analysts predict that CytRx Corp. will post ($0.71) EPS for the current fiscal year.
CytRx Corporation is a biopharmaceutical research and development company specializing in oncology. The Company is focused on the clinical development of aldoxorubicin, its modified version of the chemotherapeutic agent, doxorubicin. It is engaged in Phase III trials for aldoxorubicin as a therapy for patients with soft tissue sarcoma (STS) whose tumors have progressed after treatment with chemotherapy.

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