CytRx Corporation (CYTR) : The conviction of the bears is waning as is visible by the drop in the short positions from Jul 29, 2016, to August 15, 2016. The total outstanding shorts decreased from 9,930,796 to 9,607,845 shares, with 7 days to go before the expiry. The short open interest has decreased by -3.3%, amounting to a reduction of -322,951 shares. Only a handful of traders believe that the stock has a large downside from current levels, as seen in the low short interest of 10.5% of the float of the company. The average daily volume of the stock is 1,453,265 shares. The short interest information was released on Wednesday Aug 24th after the market close.
CytRx Corporation (NASDAQ:CYTR): The stock opened at $0.58 on Wednesday but the bulls could not build on the opening and the stock topped out at $0.60 for the day. The stock traded down to $0.57 during the day, due to lack of any buying support eventually closed down at $0.57 with a loss of -2.53% for the day. The stock had closed at $0.59 on the previous day. The total traded volume was 1,134,086 shares.
CytRx Corporation is a biopharmaceutical research and development company specializing in oncology. The company is focused on the clinical development of aldoxorubicin, its modified version of a chemotherapeutic agent. Aldoxorubicin is a conjugate of the commonly prescribed chemotherapeutic agent doxorubicin that binds to circulating albumin in the bloodstream and is concentrated at the site of tumors. It consists of (6-Maleimidocaproyl) hydrazine, an acid-sensitive molecule that is conjugated to doxorubicin. Its laboratory in Freiburg, Germany is conducting discovery and translational research to create drug candidates that utilize linker technologies that couple chemotherapeutic agents and proteins either inside the body or externally, and then concentrate drug in tumors.