CTI BioPharma Corp. (NASDAQ:CTIC) stock identified change of 66.13% away from 52-week low price and recently located move of -46.63% off 52-week high price. It has market worth of $78.41MM. CTIC stock has been recorded 11.18% away from 50 day moving average and 7.03% away from 200 day moving average. Moving closer, we can see that shares have been trading 7.11% off 20-day moving average.
On May 07, 2020, CTI BioPharma Corp. (NASDAQ:CTIC) disclosed its financial results for the first quarter ended March 31, 2020.
With a sufficient cash runway into Q4 2021, we have the resources to continue to advance pacritinib as quickly as possible as a potential treatment for severely thrombocytopenic myelofibrosis patients through the execution of the ongoing Phase 3 PACIFICA trial, said Adam R. Craig, M.D., Ph.D. Additionally, in response to the global COVID-19 pandemic, as pacritinib has the potential to reduce the inflammatory response to the infection, which can lead to acute respiratory distress and mechanical ventilation, we recently announced the initiation of PRE-VENT, a Phase 3 double-blind, placebo-controlled, multicenter study of pacritinib for the treatment of hospitalized patients with severe COVID-19, including patients with and without cancer. We look forward to providing updates on the PRE-VENT trial in the coming months. With regards to the PACIFICA Phase 3 trial timeline, we anticipate at least a three-month delay to enrollment due to the COVID-19 pandemic.
First Quarter Financial Results
Operating loss was $11.9 million for the first quarter of 2020, compared to operating loss of $10.5 million for the same period in 2019. The increase in operating loss in the first quarter of 2020 as compared to operating loss in the same period in 2019 resulted primarily from expenses related to provisions for our Italian Value Added Tax receivables due to uncertainty regarding the collectability of such receivables as a result of the recent COVID-19 global pandemic, partially offset by decreases in research and development expenses and restructuring expenses.
License and contract revenues for the three months ended March 31, 2019 were $0.6 million while no revenues were recognized for the same period in 2020. The decrease is primarily due to royalty and other revenues recognized in 2019 from Les Laboratoires Servier and Institut de Recherches Internationales Servier (Servier) related to transition period activities pursuant to the terms of the Termination and Transfer Agreement with Servier.
Net loss attributable to common stockholders for the first quarter of 2020 was $12.2 million, or $(0.20) for basic and diluted loss per share, compared to net loss attributable to common stockholders of $10.8 million, or $(0.19) for basic and diluted loss per share, for the same period in 2019.
The Healthcare sector company, CTI BioPharma Corp. noticed change of 1.98% to $1.03 along volume of 102274 shares in recent session compared to an average volume of 266.43K. The stock was at 8.42% over one month performance. CTIC’s shares are at -21.07% for the quarter and driving a 8.16% return over the course of the past year and is now at -34.81% since this point in 2018.
The average volatility for the week at 5.47% and for month was at 6.50%. There are 76.13M shares outstanding and 73.40M shares are floated in market. Right now the stock beta is 1.5.