Citius (CTXR, $2.59) stock drops, on panel recommendation to continue antibiotic trial
On Thursday, Citius Pharmaceutical shares dropped, following news of a panel recommendation that a Phase 3 trial of the company’s antibiotic treatment for catheter-related bloodstream infections should continue.
Investors may have been expecting the trial to stop early instead of continuing as planned, after the drug showed better results compared to typical antibiotic treatment according to a Bloomberg report.
According to Citius, the independent data monitoring panel for the Mino-Lok Phase 3 pivotal superiority trial recommended that the company should continue with the trial as planned. Myron Holubiak, president and chief executive mentioned that this would be the third recommendation by the DMC supporting the continuation of the Mino-Lok trial. He said the outcome indicates that “based on our predefined parameters, it would be possible to achieve our primary endpoint by continuing the trial as planned, and is an encouraging signal when combined with the results of our prior studies."
The Moving Average Convergence Divergence (MACD) for CTXR turned positive on July 09, 2024. Looking at past instances where CTXR's MACD turned positive, the stock continued to rise in of 42 cases over the following month. The odds of a continued upward trend are .
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Notable companies
The most notable companies in this group are Regeneron Pharmaceuticals (NASDAQ:REGN), Moderna (NASDAQ:MRNA), Sarepta Therapeutics (NASDAQ:SRPT), Incyte Corp (NASDAQ:INCY), Exelixis (NASDAQ:EXEL), Arrowhead Pharmaceuticals (NASDAQ:ARWR), Novavax (NASDAQ:NVAX), BioCryst Pharmaceuticals (NASDAQ:BCRX), Adaptive Biotechnologies Corp (NASDAQ:ADPT), Inovio Pharmaceuticals (NASDAQ:INO).
Industry description
Biotechnology involves genetic or protein engineering to produce medicines/therapies for treating and preventing ailments. The industry also provides crucial ingredients for diagnostics. This multi-billion-dollar industry is heavily focused on research and development, as companies attempt to continually come up with cutting-edge solutions for health. New discoveries for the treatment of diseases provide opportunities for growth for a company in this industry. Discoveries, however, must pass the regulatory approval from the U.S. Food and Drug Administration (FDA) before they can make it to markets. Amgen Inc., Gilead Sciences, Inc. and Celgene Corporation are examples of companies in this industry.
Market Cap
The average market capitalization across the Biotechnology Industry is 2.92B. The market cap for tickers in the group ranges from 151 to 584.21B. NONOF holds the highest valuation in this group at 584.21B. The lowest valued company is MYMX at 151.
High and low price notable news
The average weekly price growth across all stocks in the Biotechnology Industry was 3%. For the same Industry, the average monthly price growth was 19%, and the average quarterly price growth was 20%. PIRS experienced the highest price growth at 127%, while NYMXF experienced the biggest fall at -94%.
Volume
The average weekly volume growth across all stocks in the Biotechnology Industry was -34%. For the same stocks of the Industry, the average monthly volume growth was -6% and the average quarterly volume growth was 54%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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