Cell Therapeutics Earnings Cheat Sheet: Misses Estimates, Shares Decline
Cell Therapeutics, Inc. (NASDAQ:CTIC) reported its results for the first quarter. Cell Therapeutics, Inc. develops, acquires and commercializes novel treatments for cancer.
Cell Therapeutics Earnings Cheat Sheet for the First Quarter
Results: Total operating expenses fell to $20.1 million vs. $25.8 million the year earlier.
Actual vs. Wall St. Expectations: CTIC fell short of the mean analyst estimate of a loss of 2 cents/share.
Quoting Management: “In the first quarter, we raised $50 million through two financings, advanced pixantrone into a confirmatory pivotal trial and acquired an exclusive license from Chroma Therapeutics Ltd. (“Chroma”) to co-develop and market Chroma’s drug candidate, tosedostat, in the Americas all while reducing operating expenses compared to the same period last year,” said James A. Bianco, M.D., Chief Executive Officer of CTI.
Competitors to Watch: Celgene Corporation (NASDAQ:CELG), Novartis AG (NYSE:NVS), Telik, Inc. (NASDAQ:TELK), Eli Lilly & Co. (NYSE:LLY), Pfizer Inc. (NYSE:PFE), Bristol Myers Squibb Co. (NYSE:BMY), SuperGen, Inc. (NASDAQ:SUPG), Access Pharmaceuticals, Inc. (ACCP), ArQule, Inc. (NASDAQ:ARQL), and NeoPharm, Inc. (NEOL).
Today’s Performance: Shares of CTIC are trading at 37 cents as of April 27, 2011 at 8:02 AM ET, down from the previous close.