CytRx Co. (NASDAQ:CYTR) was up 7% during mid-day trading on Monday . The stock traded as high as $2.47 and last traded at $2.29. Approximately 781,700 shares were traded during trading, an increase of 5% from the average daily volume of 745,893 shares. The stock had previously closed at $2.14.
Separately, ValuEngine downgraded shares of CytRx from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. LMR Partners LLP bought a new stake in shares of CytRx in the 2nd quarter worth about $235,000. Renaissance Technologies LLC bought a new stake in shares of CytRx in the 1st quarter worth about $264,000. Goldman Sachs Group Inc. increased its position in shares of CytRx by 795.0% in the 2nd quarter. Goldman Sachs Group Inc. now owns 703,465 shares of the biotechnology company’s stock worth $441,000 after purchasing an additional 624,863 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of CytRx by 53.9% in the 2nd quarter. Vanguard Group Inc. now owns 4,823,123 shares of the biotechnology company’s stock valued at $3,024,000 after buying an additional 1,689,874 shares during the period. 41.78% of the stock is owned by institutional investors.
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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 the chemotherapeutic agent, doxorubicin. It is engaged in Phase III trials for aldoxorubicin as a therapy for patients with soft tissue sarcoma (STS) whose tumors have progressed after treatment with chemotherapy.
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