CytRx (CYTR) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of CytRx (NASDAQ:CYTR) from a hold rating to a buy rating in a research note released on Wednesday. Zacks Investment Research currently has $0.75 price target on the biotechnology company’s stock.

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. “

Separately, HC Wainwright set a $5.00 target price on shares of CytRx and gave the company a buy rating in a research report on Thursday, July 26th.

CYTR stock opened at $0.80 on Wednesday. CytRx has a one year low of $0.65 and a one year high of $2.47.

CytRx (NASDAQ:CYTR) last released its quarterly earnings results on Friday, November 9th. The biotechnology company reported ($0.10) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.01). The company had revenue of $0.25 million for the quarter. Equities analysts forecast that CytRx will post -0.41 earnings per share for the current year.

A hedge fund recently raised its stake in CytRx stock. BlackRock Inc. grew its stake in CytRx Co. (NASDAQ:CYTR) by 31.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 302,983 shares of the biotechnology company’s stock after purchasing an additional 72,879 shares during the quarter. BlackRock Inc. owned approximately 0.90% of CytRx worth $343,000 as of its most recent SEC filing. Institutional investors own 10.03% of the company’s stock.

About CytRx

CytRx Corporation, a biopharmaceutical company, engages in the research and clinical development of novel anti-cancer drug candidates that employ linker technologies to enhance the accumulation and release of drug at the tumor. The company is developing its pipeline of oncology candidates at its laboratory facilities in Freiburg, Germany, through its LADR (linker activated drug release) technology platform, a discovery engine designed to leverage its expertise in albumin biology and linker technology for the development of anti-cancer therapies.

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