The ASCO 2015 meeting is proving to be a big hit in the world of biotech; and CTIC is making waves. CTI Biopharma and Baxter International’s Bioscience announced data from a Phase 3 registration-directed trial that examined pacritinib for the treatment of myleofibrosis. Today, we’ll talk about what we saw from the presentation, how the company’s stock reacted, and what we can expect to see moving forward. So, let’s get right to it.
CTIC & BAX Present At ASCO
The opening of the presentation seems to have said it all. So, I’ll let you know word for word what was stated by Claire Harrison, M.D.; the principal investigator for PERSIST-1…
“Myelofibrosis is a difficult-to-treat, rare chronic blood cancer in need of new options that can help overcome the many unique and burdensome symptoms that patients with this disease face on a regular basis, such as blood transfusions and debilitating pain and fatigue… Based on data showing improvement in bone marrow function, pacritinib may have the potential to modify the disease in the sickest patients as monotherapy and warrants further evaluation in combination with other potential disease-modifying agents.”
As you can surely see from the statement above, pacritinib seems to be incredibly promising; and it’s getting investors excited.
What We’re Seeing From CTI BioPharma Today
Today is proving to be an incredible day for CTIC in the market. After a steep morning climb followed by a slight correction, CTIC seems to be on a slow and steady positive trend at the moment. Currently (12:14), the stock is trading at $2.30 per share after a gain of 18.56% so far today.
What We Can Expect From CTIC Moving Forward
Moving forward, I’m expecting to see overwhelmingly positive news from CTIC in both the short and long term outlook. In the short term, I’m expecting that investor excitement revolving around the newly-released data will likely prop the stock higher. In the long run, I’m expecting to see gains as well. The reality is that the company is on the brink of finding an effective treatment for a specific type of blood cancer; one that I know of all too well as I lost my aunt to it. From what I’ve read about pacritinib in the presentations that were released today, I’m incredibly optimistic that this will grow to be a powerful drug and help to improve the lives of patients suffering from the ailment. With a strong management team and incredibly talented scientists and physicians, this stock is likely 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!