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Citius Pharmaceuticals (NASDAQ:CTXR) stock is on the rise Friday despite a lack of news about the company today.
The jump in price for CTXR stock comes alongside an increase in trading. As of this writing, more than 84 million shares of the stock have changed hands. For some context, the company’s daily average trading volume is roughly 4 million shares.
So why exactly is CTXR stock up today? It’s worth noting that the company announced a direct offering on Wednesday for 50,830,566 shares and warrants for another 25,415,283 shares. That direct offering is expected to close today.
Keeping these things in mind, here’s what investors need to know about the company as shares of CTXR stock surge.
Citius Pharma is a late-stage specialty pharmaceutical company.
This has it working on the development and commercialization of critical care products.
Its focus includes anti-infectives and cancer care.
The company is currently developing three proprietary candidates.
They are Mino-Lok, CITI-002, and CITI-101.
Mino-Lok is the furthest along of these with a Phase 3 clinical trial currently underway.
Citius Pharma is led by president and CEO Myron Holubiak alongside chairman Leonard Mazur.
It was founded in 2010 and joined the public market via an initial public offering (IPO) in September 2014.
The company operates out of its headquarters in Cranford, N.J.
CTXR stock was up 23.8% as of Friday morning and is up 84.6% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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