CytRx Corporation (NASDAQ: CYTR)
CytRx Corporation is having a tough day in the market. As a matter of fact, the stock is currently (12:23) trading at $2.99 per share after a massive loss of 21.18% as the result of a the pricing of a recent public offering. Today, we’ll take a look at the decline, what investors are saying on social investing platforms, and what we can expect to see moving forward. So, let’s get right to it…
What Is Causing The CytRx Decline?
CytRX is down today because of an offering with an incredibly low price. The company today announced the pricing of a previously announced public offering; pricing the offering at $2.75 per share; a tremendous discount from the previous close at $3.80. However, low price offerings aren’t always a bad sign. As many on Stock Twits are pointing out, the low price offerings are often followed by a series of good news.
I Scoured Stock Twits For An Answer
Anytime there is big news on a stock, I like to look at social investing websites like Stock Twits to see how investors feel about the news. Here’s what I found…
“$CYTR Who’s the hidden seller?” … Heggy45
“$CYTR its cheap @ this price” … GoldenMatt
“$CYTR Easy bounce, institutions are going loading up” … masterhiggins
“$CYTR I’ve been in stocks where they offer at a low price and follow it up with good news after good news. Could be the case here.” … BallerMcStacks
All in all, it seems as though investors are overwhelmingly bullish on CYTR; even following the low priced public offering.
What We Can Expect From CYTR Moving Forward
Moving forward, I’m expecting to see overwhelmingly positive news from CytRx Corporation. While the company is offering more than 9 million shares at an incredibly low price, there is still a very bullish sentiment among investors surrounding the stock. So, I’ll be looking for a solid recovery moving forward; followed by strong gains.
What Do You Think?
Where do you think CytRx is headed and why? Let us know in the comments below!