Stock in News Spotlight: CytRx Corporation (NASDAQ:CYTR)

Earnings News, Technology

CytRx Corporation (NASDAQ:CYTR) stock recently located move of -71.04% off 52-week high price and identified change of 15.35% away from 52-week low price. CYTR stock has been recorded -23.74% away from 50 day moving average and -45.35% away from 200 day moving average. Moving closer, we can see that shares have been trading -12.71% off 20-day moving average. It has market worth of $24.7M.

CytRx Corporation (NASDAQ:CYTR), a biopharmaceutical research and development company specializing in oncology, declared financial results for the quarter ended September 30, 2018, and provided an overview of recent accomplishments and plans for its research and development programs.

Eric Curtis, CytRx’s President and Chief Operating Officer said “The third quarter of 2018 was highlighted by the filing of a provisional patent by Centurion BioPharma for the breakthrough albumin companion diagnostic (ACDx) for use alongside our innovative LADR™ (Linker Activated Drug Release) assets”. “This new intellectual property is an important component of the overall LADR value proposition and will enhance our efforts to secure a strategic partnership to further advance these unique, promising assets, with the overarching goal of bringing these albumin binding ultra-high potency drug candidates to the physicians and patients who need them.”

“Also during the quarter, we were pleased to make the final payment under our long-term loan agreement, and thereby extinguishing all of our outstanding debt.  We also saw the expiration of approximately 3.2 million outstanding warrants for shares of our common stock, improving our overall capital structure.”

Third Quarter 2018 Financial Results

CytRx reported cash and cash equivalents of $24.7 million as of September 30, 2018.

Net loss for the quarter ended September 30, 2018, was $3.3 million, or $(0.10) per share, compared with a net loss of $5.1 million, or $(0.19) per share, for the comparative 2017 period, a reduction of $1.8 million, or approximately 36 percent.  The comparative 2017 quarter included a non-cash gain of $3.8 million on the fair value adjustment of warrant derivative liabilities related to warrants issued in 2016, compared to no gain during the current third quarter related to these now expired warrants.

Research and development (R&D) expenses were $0.9 million for the third quarter of 2018, which represents primarily expenses for the development of the albumin companion diagnostic (ACDx).  In the third quarter of 2017, R&D expenses of $4.8 million included $3.7 million related to our aldoxorubicin program and its clinical support and $1.0 million for pre-clinical development of new albumin-binding, ultra-high potency cancer drugs.

General and administrative (G&A) expenses were $2.4 million for the third quarter of 2018, compared with $3.4 million for the third quarter of 2017. G&A expenses decreased by approximately 31 percent primarily due to a decrease in professional fees.

Based on our currently projected expenditures for the next 13 months our monthly burn rate is estimated at approximately $700,000 per month.

The Services sector company, CytRx Corporation noticed change of 4.17% to $0.75 along volume of 181554 shares in recent session compared to an average volume of 122.52K. The stock observed return of 4.18% in 5 days trading activity. The stock was at -30.56% over one month performance. CYTR’s shares are at -34.78% for the quarter and driving a -64.29% return over the course of the past year and is now at -55.62% since this point in 2018.

The average volatility for the week at 8.28% and for month was at 7.55%. There are 32.93M shares outstanding and 30.78M shares are floated in market. Right now the stock beta is 2.23.

Thomas Lizotte is a self-taught investor and follows the value investing approach to picking stocks. He possesses over 10 years of investment experience, an M.B.A. from Louisiana State University, and is also certified in Risk Management Assurance. Thomas is a Certified Internal Auditor, Data Miner, and author with a career broadly spanning over multiple business areas. He has exploited those observations and developed investment tactics within a fundamentally sound long-term investment strategy. He currently covers Earnings News category for our site.



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