Zacks Investment Research upgraded shares of CytRx (NASDAQ:CYTR) from a hold rating to a buy rating in a research note issued to investors on Wednesday. The brokerage 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 reaffirmed a buy rating and issued a $5.00 target price on shares of CytRx in a report on Monday, November 5th.

Shares of CYTR stock remained flat at $$0.80 on Wednesday. 151,818 shares of the stock were exchanged, compared to its average volume of 186,842. CytRx has a 12 month low of $0.65 and a 12 month high of $2.47.

CytRx (NASDAQ:CYTR) last issued its earnings results on Friday, November 9th. The biotechnology company reported ($0.10) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.01). The firm had revenue of $0.25 million for the quarter. On average, analysts predict 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. raised its stake in CytRx Co. (NASDAQ:CYTR) by 31.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 302,983 shares of the biotechnology company’s stock after acquiring an additional 72,879 shares during the quarter. BlackRock Inc. owned about 0.90% of CytRx worth $343,000 at the end of the most recent reporting period. 10.03% of the stock is owned by hedge funds and other institutional investors.

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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