TMCnet News
Investors look to Lighten Up on Shares of CytRx, Shares Down 7.5% (CYTR)Nov 13, 2012 (SmarTrend(R) Spotlight via COMTEX) -- CytRx (NASDAQ:CYTR) is one of today's worst performing low-priced stocks, down 7.5% to $1.73 on 1.3x average daily volume. CytRx has traded 329,000 shares thus far today, vs. average volume of 261,000 shares per day. The stock has underperformed the Dow (-7.5% to the Dow's 0.1%) and underperformed the S&P 500 (-7.5% to the S&P's 0.2%) during today's trading. CytRx Corporation is a biopharmaceutical company focused on the development and commercialization of high-value human therapeutics. CytRx has a strategic alliance with the University of Massachusetts Medical School that has given the company unparalleled access to RNAi technology and serves as a broad platform for a myriad of drug discovery applications including obesity, diabetes, & ALS. Over the past year, CytRx has traded in a range of $0.24 to $5.50 and is now at $1.73, 621% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 1.2% while the 50-day MA has declined 3.6%. CytRx (NASDAQ:CYTR) has potential upside of 709.2% based on a current price of $1.73 and analysts' consensus price target of $14.00. The stock should run into initial resistance at its 200-day moving average (MA) of $2.51 and subsequent resistance at its 50-day MA of $3.51. SmarTrend recommended that its subscribers protect gains by selling shares of CytRx on September 28th, 2012 by issuing a Downtrend alert when the shares were trading at $3.69. Since that call, shares of CytRx have fallen 49.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time. Write to Chip Brian at [email protected] --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup |