Why is Citius Pharmaceuticals (CTXR) stock rising today?

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Why is Citius Pharmaceuticals (CTXR) stock rising today?

Why is Citius Pharmaceuticals (CTXR) stock rising today?
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Highlights:

  • The CTXR stock surged over 16% in the pre-market session on Wednesday.
  • The price of the Citius stock increased by more than 10% YTD.
  • Citius expects to file a biologics license application (BLA) for I/ONTAK with FDA.

The Citius Pharmaceuticals, Inc. (CTXR) stock jumped on Wednesday after it announced the progress of its Phase 3 trial for oncology drug I/ONTAK (E7777).

The CTXR stock surged over 16% at 8:13 am ET on April 6.

The Cranford, New Jersey-based biopharmaceutical firm develops first-in-class critical care products for oncology, such as anti-infectives in adjunct cancer care and other diseases.

Why is CTXR rising?

On Wednesday, the company reported the topline results from its Phase 3 trial of I/ONTAK (E7777), an engineered IL-2-diphtheria toxin fusion protein primarily used to treat patients with persistent or recurrent symptoms of cutaneous T-cell lymphoma (CTCL).

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The I/ONTAK (denileukin diftitox) is a purified, enhanced bioactive formulation of the previously formulated ONTAK.

The company said in a press release that the latest results appear to remain consistent with the previous formulation. Furthermore, the results haven’t identified any new safety signals.

The company now plans to file a biologics license application (BLA) with the US Food and Drug Administration (FDA) in the second half of the current year.

The positive news may have pushed the CTXR price higher.

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Stock performance and financial highlights of the company:

The CTXR shares were up 16.85% to US$2.1501 at 8:13 am ET on April 6. The stock returned 10.18% gains YTD as of April 5. CTXR has a market capitalization of US$268.69 million, and its forward one-year P/E ratio is -6.57. The 52-week highest and lowest stock prices were US$4.56 and US$1.31, respectively. Its EPS is US$-0.18.

In the first quarter of fiscal 2022, the company's total operating expenses were US$9.25 million, but it earned no revenue in the quarter. Its net loss came in at US$9.22 million, or US$0.06 per share, compared to a loss of US$8.14 million, or US$0.15 per share in the year-ago quarter.

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Citius Pharmaceuticals (CTXR) stock performance and recent developments

Bottom line:

Citius Pharmaceuticals CEO Myron Holubiak said the Phase 3 results for I/ONTAK were clinically meaningful. He said it would be an important treatment option for patients with CTCL.

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He added that it marks a significant milestone for the firm to launch its first commercial product in 2023, provided the FDA gives its nod.

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