CTI BioPharma Corp. (NASDAQ:CTIC) Slips -0.62% For the Week

The main US indices ended Friday’s session weaker, as US economic growth cooled to the slowest pace in three years in the first quarter and geopolitical concerns reemerged.

CTI BioPharma Corp. (NASDAQ:CTIC) stock has moved in a downward direction this week, causing concern for some investors.  Based on the recent close, the shares have dropped -0.62% over the past five trading days. 

Looking slightly further out, the stock is -20.76% year to date.  With increased market volatility, stakeholders will likely be deciding whether or not now is a good time to cut losses or double down on the pullback.

Analyst’s Take
Wall Street analysts are still seeing some upside to CTI BioPharma Corp. (NASDAQ:CTIC) despite the recent move. Sell-side firms, on a consensus basis have a $3.75 price target on the name and a 4.00 recommendation, according to First Call. The recommendation is based on a 1 to 5 scale where 1 or 2 indicates a Buy recommendation, 3 a Hold and 4-5 a Sell.

In taking a look at technical levels,CTI BioPharma Corp. (NASDAQ:CTIC) shares are trading -4.23% away from the 50 day simple moving average and -20.70% away from the 200 day simple moving average. Based on a recent bid, the stock is trading -50.15% away from it’s 52- week high and 19.63% away from its 52 week low.

After the recent decrease, investors may also look to see if the stock has entered oversold territory and could possibly ripe for a reversal.

Traditionally a stock is considered to be oversold when the Relative Strength Index moves below 30. As of writing, CTI BioPharma Corp.’s RSI stands at 44.29 . In looking at volatility levels, the shares saw weekly volatility of 3.17% and 3.48% over the past month.

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