Why CTI BioPharma Stock Withered on Wednesday
Commercial-stage biotech CTI BioPharma (NASDAQ: CTIC) wasn't looking overly healthy on Wednesday. Following an analyst's price target cut, investors sold out of the company, leaving the stock with a more than 9% decline on the day. That was far steeper than the 0.3% dip of the S&P 500 index.
That slice came from a prognosticator who's been largely bullish on CTI, Stifel's Benjamin Burnett. On Wednesday before market open, he trimmed his price target to $8.70 per share from the previous $9. Given that the change isn't that drastic, he's maintaining his buy recommendation on the shares.
Burnett's reasoning behind the move wasn't immediately apparent. It's a bit unexpected, given that he actually raised his level in the recent past -- at the end of September, he made a more dramatic adjustment by raising it to the aforementioned $9 from his preceding $7.90.
Source Fool.com
