Shares of the Citius Pharmaceuticals, Inc. (CTXR) stock continued to rise in the pre-market trading session today on April 27, 2021. CTXR stock price surged by 4.74% to reach $1.99 a share at the time of this writing. Citius stock was gaining during the last trading session and went up by 6.74% with a $1.90 per share price at closing. Let’s see the reason behind this rally.
What’s happening?
There is no recent news attributed to CTXR stock as of now to justify the bull, no analyst upgrades, or increased targeted per share price of the CXTR stock to support this rise. However, there is an anticipation that Citius Pharmaceuticals will soon announce positive phase 3 data for its lead product candidate Mino-Lok which is an antibiotic lock solution for the treatment of patients suffering from central venous catheter-related bloodstream infections.
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Previous Activities of CXTR stock:
On April 23, 2021, CTXR stock did announce that its president and chief executive officer Myron Holubiak was featured in an Interview with Benzinga where Mr.Myron discussed Citius’s product pipeline, the impact of COVID-19 in the overall business, and the future milestones of the CTXR.
On February 19, 2020, CXTR stock closed the previously announced registered direct offering of an aggregate of 50,830,566 shares of its common stock at a purchase price of $1.505 per share and accompanying warrants representing the offering of an aggregate of 25,415,283 shares of the common CXTR’s stock at an exercise price of $1.70 per share.
$76.5 million gross proceeds resulted from this offering without deducting the placement agent fees and other offering-related expenses. This amount will be used for the general corporate purposes of CXTR stock as well as working capital and capital expenditures.
About Citius Pharmaceuticals, Inc:
Citius Pharmaceuticals, Inc is a pharmaceutical company mainly working on the development of critical care products for the treatment of patients suffering from infectious as well as cancer diseases. Mino-Lok is the lead product candidate of CXTR. Citius Pharmaceuticals has a market cap of 244.429Mand was founded in 2007 and its headquarters is in Cranford, New Jersey.
Conclusion:
CXTR stock is hot among investors as far as market sentiment is concerned without any definite news. It is expected that CXTR will soon release phase 3 data for Mino-Lok. investors having long-term prospects usually don’t mind such rises and falls rather they focus on the company’s fundamentals, balance sheet, and future growth before making any decision.
