Cellceutics Corp (OTCMKTS: CTIX)
Cellceutix is having a pretty good day in the market today. At the opening bell, the stock was trading slightly in the green before spiking upward. While the stock has corrected a bit since then, it is still trading on decent gains. Below, we’ll talk about what we’re seeing from CTIX, why, and what we’ll be watching with regard to the stock ahead.
What We’re Seeing From CTIX
As mentioned above, Cellceutix is having an interesting day in today’s trading session to say the least. When the opening bell rang, the stock was already trading slightly on gains. Since the opening bell, we’ve seen extreme upward movement followed by a correction, but the stock is still trading green. Currently (10:07), CTIX is trading at $0.95 per share after a gain of $0.02 per share or 2.15% thus far today.
Why The Stock Is Up
As is the case almost all the time, our friends at Trade Ideas were the first to inform us of the gains on CTIX. As soon as we received the alert, the CNA Finance team started digging to see what was causing the movement. It didn’t take long to dig up the story. It seems as though the gains are being caused by a clinical update provided by the company early this morning.
In an update, Cellceutix announced interim results from the first two cohorts of an ongoing Phase 2a clinical trial. The trial is assessing Brilacidin for the treatment of mild-to-moderate Ulcerative Colitis. All 12 patients in the first 2 cohorts have completed their dosing schedules. The company also said that patient enrollment for the third cohort of the study is currently underway.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on CTIX. In particular, we’re interested in following the company’s ongoing work with regard to Brilacidin. Of course, we’ll continue to watch the story closely and when the news breaks, we’ll be the first to bring it to you!
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[Image Courtesy of Wikipedia]