CTI BioPharma Corp. (NASDAQ:CTIC) stock identified change of 98.26% away from 52-week low price and recently located move of -35.23% off 52-week high price. It has market worth of $72.47M. CTIC stock has been recorded -6.13% away from 50 day moving average and 33.64% away from 200 day moving average. Moving closer, we can see that shares have been trading -4.23% off 20-day moving average.
On Feb. 14, 2020, CTI BioPharma Corp. (NASDAQ:CTIC) commenced its previously notified rights offering to raise gross proceeds of approximately $60.0 million (the Rights Offering). Under the terms of the Rights Offering, the holders, as of 5:00 p.m., New York time, on February 13, 2020, of CTI BioPharma’s common stock (the Common Stock) and series O convertible preferred stock (the Series O Preferred), are entitled to exercise their subscription rights to purchase their pro rata share (assuming full conversion of the Series O Preferred into shares of Common Stock) of the $60.0 million offering amount, as more fully described in the prospectus supplement (and accompanying prospectus), dated February 14, 2020, relating to the Rights Offering (the Prospectus). Each subscription right may be exercised to purchase a share of Common Stock at a subscription price equal to $1.00 per share of Common Stock or, in lieu of Common Stock, an equivalent number of shares of non-voting series X convertible preferred stock (the Series X Preferred) at a purchase price equal to $10,000 per share of Series X Preferred. The subscription rights may be exercised at any time during the subscription period of February 14, 2020 through 5:00 p.m., New York time, on March 2, 2020.
The Rights Offering will be fully backstopped by BVF Partners L.P., Stonepine Capital, L.P., OrbiMed Private Investments VI, LP and New Enterprise Associates (the Backstop Investors) each of which have agreed to purchase its respective as-converted pro rata share of the offering amount, plus an additional amount of Common Stock or Series X Preferred that are not subscribed for by other purchasers in the Rights Offering, for a total of up to $60.0 million.
The Healthcare sector company, CTI BioPharma Corp. noticed change of -5.30% to $1.25 along volume of 192968 shares in recent session compared to an average volume of 497.69K. The stock observed return of -6.02% in 5 days trading activity. The stock was at -8.76% over one month performance. CTIC’s shares are at 63.81% for the quarter and driving a 35.59% return over the course of the past year and is now at -20.89% since this point in 2018.
The average volatility for the week at 8.18% and for month was at 6.78%. There are 57.97M shares outstanding and 57.69M shares are floated in market. Right now the stock beta is 1.98.
Sam Leventhal 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. Sam 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 Technology News category for our site.
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