Cytosorbents (CTSO) Stock Price Up 17.5% Following Earnings Beat

Cytosorbents Corp (NASDAQ:CTSO) traded up 17.5% during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $12.00 and last traded at $11.34. 691,167 shares changed hands during mid-day trading, an increase of 181% from the average session volume of 245,874 shares. The stock had previously closed at $9.65.

The medical research company reported ($0.10) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.14) by $0.04. The firm had revenue of $5.74 million during the quarter, compared to analysts’ expectations of $5.79 million. Cytosorbents had a negative net margin of 74.60% and a negative return on equity of 100.51%.

A number of analysts recently weighed in on the stock. HC Wainwright set a $15.00 target price on shares of Cytosorbents and gave the stock a “buy” rating in a report on Wednesday. BidaskClub cut shares of Cytosorbents from a “hold” rating to a “sell” rating in a report on Tuesday, October 9th. Maxim Group restated a “buy” rating and set a $18.00 target price on shares of Cytosorbents in a report on Tuesday, September 4th. Finally, Cowen restated a “buy” rating and set a $15.00 target price on shares of Cytosorbents in a report on Friday, August 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $14.81.

In related news, CFO Kathleen P. Bloch sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $13.50, for a total value of $135,000.00. Following the completion of the transaction, the chief financial officer now owns 260,004 shares of the company’s stock, valued at approximately $3,510,054. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Phillip P. Chan sold 11,418 shares of the firm’s stock in a transaction that occurred on Friday, September 7th. The stock was sold at an average price of $14.65, for a total transaction of $167,273.70. The disclosure for this sale can be found here. Insiders have sold 65,501 shares of company stock valued at $927,310 over the last 90 days. 6.90% of the stock is currently owned by insiders.

Institutional investors have recently bought and sold shares of the stock. Pegasus Partners Ltd. acquired a new position in Cytosorbents in the 2nd quarter worth approximately $114,000. Metropolitan Life Insurance Co. NY acquired a new position in Cytosorbents in the 2nd quarter worth approximately $119,000. P.A.W. Capital Corp acquired a new position in Cytosorbents in the 3rd quarter worth approximately $129,000. Pitcairn Co. acquired a new position in Cytosorbents in the 3rd quarter worth approximately $147,000. Finally, Mycio Wealth Partners LLC acquired a new position in Cytosorbents in the 3rd quarter worth approximately $166,000. 24.79% of the stock is owned by hedge funds and other institutional investors.

The company has a current ratio of 8.82, a quick ratio of 8.60 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $305.16 million, a P/E ratio of -35.44 and a beta of 0.62.

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About Cytosorbents (NASDAQ:CTSO)

Cytosorbents Corporation, a critical care focused immunotherapy company, engages in the research, development, and commercialization of medical devices with its blood purification technology platform incorporating a proprietary adsorbent and porous polymer technology worldwide. The company's flagship product is CytoSorb device, an extracorporeal cytokine filter designed for the adjunctive therapy in the treatment of sepsis; adjunctive therapy in other critical care applications; prevention and treatment of post-operative complications of cardiopulmonary bypass surgery; and prevention and treatment of organ dysfunction in brain-dead organ donors to increase the number and quality of viable organs harvested from donors.

See Also: Intrinsic Value

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