CytRx Corporation (OTCMKTS:CYTR) Stock Extends Fall: Down Another 6%

Specialised biopharmaceutical firm CytRx Corporation (OTCMKTS:CYTR) did not have a great time in the markets on Tuesday and its stock ended up with a decline of as much as 6% as a consequence.

Market Stats

On Tuesday, CYTR stock fell 6.10% at $0.55 with more than 79k shares, compared to its average volume of 69K shares. The stock has moved within a range of $0.5400 – 0.6000 after opening trading at $0.59.

Latest News

The company, which is primarily focussed on development of treatments for the neurodegenerative and oncology categories, made a presentation in relation to the plans from Centurion Biopharma for a modern cancer centre located in Las Vegas in Nevada. It was a significant presentation from the company and one that may have caught the attention of many investors. However, at the same time, it was clear to see that there was not much optimism with regards to these plans.

In light of the latest presentation from CytRx, it is necessary to point out that Centurion Biopharma is a privately held and fully owned subsidiary company. At this point in time, Centurion is engaged in advancing the development of some of the products that CytRx is working on. In the presentation, CytRx revealed how the planned centre in question is going to look and function. It is an ambitious plan from Centurion and it seems that investors are not convinced about the plans just yet.

Traders Corner

CYTR stock is trading in neutral zone with the RSI at 40. The stock has key supports at 0.4667, 0.5033, 0.5267 and resistances are 0.5867, 0.6233, 0.6467. The stock is up 2% in the past month.