CTI Biopharma (NASDAQ: CTIC)
CTI Biopharma stock is trending up in a big way today after presenting poster presentations at the ASCO 2015 meeting. The presentations announced data from a recent randomized Phase 3 trial looking into pacritinib for the treatment of myelofibrosis. Today, we’ll take a look at the results from the study, what we saw in the market, and what we can expect from the stock moving forward. So, let’s get right to it…
PERSIST-1 Study Showed Great Results
The study mentioned above is known as PERSIST-1; and the results that were announced earlier today were great. The study showed that when comparied to the best available therapy today, pacritinib therapy resulted in a significantly higher proportion of patients with spleen volume reduction and control of disease-related symptoms. Here’s what James A. Bianco, M.D., current President and CEO of CTI BioPharma had to say…
“Results from PERSIST-1 add to the growing body of data showing the potential for pacritinib to address an unmet medical need that currently exists for patients with myelofibrosis, particularly patients with severely low platelet counts that result either from their disease or as a side effect from current treatment…Based on the results observed in this trial, we are continuing to advance the broad clinical development program for pacritinib across a range of hemotalogic malignancies.”
How The Market Reacted To The Data
Following the release of the data from PERSIST-1 CTIC climbed in early trading. Since, we’ve seen a wave of movement above the green line as the stock continually reaches support at $2.18 and resistance at $2.40. Currently (2:27), the stock is just starting to bounce from a recent touch at support, trading at $2.20 per share after a gain of 13.66% so far today.
What We Can Expect To See Moving Forward
Moving forward, I’m expecting to see more overwhelmingly positive news from CTIC in both the short term and long term. Here’s how I see it…
Short Term – Strictly from a technical standpoint, it seems as though there’s going to be profit to be made in the short term. After a climb, the stock seems to be taking a break, creating a flag in the chart. Nonetheless, this flag is likely to lead to another bullish breakout; so, watch closely.
Long Term – Fundamentally, CTIC seems like a great company, which means the stock is likely to grow. The company has a compelling pipeline, a great management team, and most importantly, a clear plan to further their growth. All in all, I think the news today solidified the fact that CTIC is going to climb in the long run.
What Do You Think?
Where do you think CTIC is headed and why? Let us know in the comments below!