CTI BioPharma (CTIC) Sees Unusually-High Trading Volume Following Insider Buying Activity
CTI BioPharma Corp (NASDAQ:CTIC) shares saw unusually-strong trading volume on Monday following insider buying activity. Approximately 6,125,700 shares changed hands during trading, an increase of 1,289% from the previous session’s volume of 441,031 shares.The stock last traded at $3.21 and had previously closed at $3.21.
Specifically, major shareholder Bvf Partners L. P/Il acquired 5,634,108 shares of the company’s stock in a transaction on Friday, February 9th. The shares were bought at an average cost of $3.00 per share, for a total transaction of $16,902,324.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Value Fund L. P. Biotechnology acquired 6,333,333 shares of the company’s stock in a transaction on Friday, February 9th. The stock was acquired at an average price of $3.00 per share, for a total transaction of $18,999,999.00. The disclosure for this purchase can be found here. Insiders own 2.16% of the company’s stock.
Separately, Zacks Investment Research upgraded shares of CTI BioPharma from a “hold” rating to a “buy” rating and set a $3.00 price target on the stock in a research note on Wednesday, December 27th.
Several institutional investors have recently modified their holdings of the company. OxFORD Asset Management LLP acquired a new position in shares of CTI BioPharma during the third quarter worth about $164,000. JPMorgan Chase & Co. acquired a new position in shares of CTI BioPharma during the third quarter worth about $272,000. Renaissance Technologies LLC increased its stake in shares of 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. Kennedy Capital Management Inc. acquired a new position in shares of CTI BioPharma during the fourth quarter worth about $660,000. Finally, Stonepine Capital Management LLC increased its stake in shares of 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. Institutional investors and hedge funds own 42.84% of the company’s stock.
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CTI BioPharma Company Profile
CTI BioPharma Corp. (CTI) is a biopharmaceutical company focused on the acquisition, development and commercialization of targeted therapies covering a spectrum of blood-related cancers to patients and healthcare providers. The Company is primarily focused on commercializing PIXUVRI in select countries in the European Union, for multiply relapsed or refractory aggressive B-cell non-Hodgkin lymphoma (NHL).
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