From the news over the last week, Cellceutix (OTC: CTIX) looks as if it will be making hospital rounds in the near future with its anti-cancer drug, Kevetrin. The drug has been potentially designated for three separate clinical trials involving different types of cancer. One trial, scheduled to begin in a matter of days at Harvard University’s Dana-Farber Cancer Institute and Beth Deaconess Medical Center, will study the drug’s effectiveness on solid tumors. Beth Israel plans to conduct another independent trial combining Kevetrin and multikinase inhibitor drugs produced by Pfizer (NYSE: PFE) for the treatment of renal cancer and melanoma. Lastly, a major European university recently contacted Cellceutix about sponsoring research on Kevetrin along with other drugs for leukemia therapies.
If all this attention is not enough to perk the interest of buyers looking for Cellceutix stock, the company announced last week it had selected Dr. Reddy’s Laboratory to manufacture its drug Prurisol in readiness for phase 2/3 clinical trials for the treatment of psoriasis.
Traders could be excused for taking their time to digest the plate full of news. Since the beginning of August when the trials at Dana-Farber Cancer Institute were announced, share prices have appreciated by 40%, going from a low of $0.50 to $0.70. The last month has also seen the heaviest volumes of the year for the stock. In the months to come, traders will be on the lookout for clinical success. They must decide how much the stock can run on potential alone.
After a weekend break, buyers appeared eager to swap money for Cellceutix shares. The stock gapped up seven cents above Friday’s close on the opening bell to start the trading session at $0.72, which ended up a penny below the day’s high. By the time the first 30 minutes of the trading session had expired, share prices surrendered a nickel of the morning’s gain. The next few hours saw the stock trading in the neighborhood of $0.70. The closing trade for the day occurred at $0.72 for a gain of 10%. Shares continued the recent trend of trading briskly. The volume on the day of 1.6 million shares easily outpaced the 94,000 traded on an average day. Traders will wonder if the gap up on heavy volume means that more positive steps lie ahead for the stock.
Over the last 52 weeks, the stock has traded in a range from $0.30 to $0.77. The low was set 11 months ago while shares touched their highs in December and then again in June.
Despite the avalanche of recent news, stock promoters have been quiet on Cellceutix. A total of nine promotions can be viewed on Stockpromoters.com with the most recent occurring over a year ago. A check of Stockreads.com shows no newsletter activity touting the stock within the last five months. @SmallCapsUpdates mentioned the possible clinical trials in Europe for leukemia on Twitter. On September 5, 2012, @smallcapstockal mentioned Cellceutix as a long-term bio play.
Cellceutix is a biopharmaceutical company that has the rights to eight different pharmaceutical compounds. These compounds hold potential for the treatment of cancer, psoriasis, rheumatoid arthritis and multiple sclerosis. The Beverly, Massachusetts, company was founded in 2005.