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A positive development with a cancer drug sent bulls to CTI BioPharma Corp (CTIC)
CTI BioPharma Corp (NASDAQ:CTIC) jumped 4.6% yesterday, closing at $2.29, after an independent data monitoring committee recommended continuing a clinical study of its ovarian cancer drug Opaxio. Options bulls ran with the news, picking up calls at three times the normal single-session rate.
Receiving the most action by far was the April 2 call, where it seems buy-to-open activity took place. These speculators are hoping for CTIC to extend its run above $2 through the close on Friday, April 17, when the options expire.
On the sentiment front, analysts are all-in on CTIC. All six covering brokerage firms rate the stock a "strong buy." Plus, the equity's average 12-month price target of $5.08 is more than double its current perch, and stands in territory not charted since May 2012.
Analysts have kept this positive outlook on CTI BioPharma Corp (NASDAQ:CTIC) despite its technical struggles. Since its mid-September high of $2.93, the security has lost 24.2%. At last check, CTIC was down 3.1% at $2.22.