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Needham Reaffirms Their Buy Rating on CTI BioPharma (CTIC)

In a report released today, Gil Blum from Needham maintained a Buy rating on CTI BioPharma (CTICResearch Report), with a price target of $9.00. The company’s shares closed yesterday at $7.06.

According to TipRanks, Blum is an analyst with an average return of -2.1% and a 43.95% success rate. Blum covers the Healthcare sector, focusing on stocks such as CTI BioPharma, Sarepta Therapeutics, and Crispr Therapeutics AG.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for CTI BioPharma with a $9.50 average price target, representing a 34.56% upside. In a report released today, JMP Securities also reiterated a Buy rating on the stock with a $9.00 price target.

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Based on CTI BioPharma’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $2.3 million and a GAAP net loss of $37.18 million. In comparison, last year the company had a GAAP net loss of $17.27 million

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CTI BioPharma Corp. operates as a biopharmaceutical company, which focuses on the development, acquisition, and commercialization of novel targeted therapies for blood-related cancers. Its products include PIXUVRI, Pacritinib, Tosedostat and Opaxio. The company was founded by James A. Bianco, Jack W. Singer, and Louis A. Bianco in September 1991 and is headquartered in Seattle, WA.

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