Shares of Cytosorbents (OTC: CTSO) continued to ride a wave of enthusiasm from a “Buy” recommendation put out last week by analysts at Brean Murray. Cytosorbents is preparing for its European launch of a breakthrough device, Cytosorb, which removes blood toxins. The analysts think the company holds great potential since there are no effective treatments for severe sepsis. Regulators in Europe approved the product before the release of final clinical trial results.
The recommendation moved the stock higher by 30% since the last week. Shares tacked on a gain of 10% today on volume greater than its daily average. The stock opened unchanged at $0.133, which also represented the low for the day. The high print for the session occurred in the second hour of trading when the stock traded for $0.152. Shares ended the day up a penny and a third to close at $0.146. About 1.8 million shares exchanged hands compared to an average day of 495,000 shares.
Over the last 52-weeks, the stock has traded in a range from just under $0.30 to a low of $0.065. The high trade for shares of Cytosorbents happened almost 11 months ago on a day when volume soared to nearly 10 million. Nine months after making an annual high, the stock touched bottom and it has been drifting higher since.
On June 20, 2012, the company announced the formation of a core sales group for the official launch of Cytosorb in Germany. On the same day, the company noted that CFO David Lamadrid had left Cytosorbents.
In March of this year, Cytosorbents received approval from European Union regulators for Cytosorb. Clinical trials showed the ability of the device to reduce circulating plasma cytokine levels during the treatment of patients with sepsis or respiratory failure. The trials involved 300 patients. The stock rallied sharply on the news but failed to keep buyers interested longer than one day. Watching the stock gain now for several days following the initiation of a “Buy” rating, traders may be wondering if the move over the last several days finally means shares are ready to go even higher.
Stock promotion and newsletter activity for Cytosorbents has been sparse. A total of three promotions from a year ago can be viewed on Stockpromoters.com and additional notes can be found at Stockreads.com.
No references about Cytosorbents were found on Twitter today, but several comments were made about the company earlier this week. @Serious Traders mentioned the breakthrough technology on July 30, 2012, and @Seeking Alpha mentioned the company on July 29.
Cytosorbents is a therapeutic device company primarily focusing on the development and commercialization of blood purification devices.