Shares of CytRx Corp. (NASDAQ:CYTR) shot up 3.5% during trading on Monday . The company traded as high as $2.39 and last traded at $2.34, with a volume of 840,401 shares traded. The stock had previously closed at $2.26.

A number of brokerages have commented on CYTR. Jefferies Group reaffirmed a “hold” rating on shares of CytRx Corp. in a research report on Monday, April 18th. HC Wainwright reissued a “buy” rating and issued a $10.00 price objective on shares of CytRx Corp. in a report on Saturday, April 23rd. FBR & Co reissued an “outperform” rating and issued a $8.00 price objective on shares of CytRx Corp. in a report on Friday, May 20th. S&P Equity Research decreased their price objective on CytRx Corp. from $1.04 to $0.75 in a report on Tuesday. Finally, Zacks Investment Research cut CytRx Corp. from a “buy” rating to a “hold” rating in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. CytRx Corp. has an average rating of “Buy” and an average price target of $5.82.

The firm’s 50-day moving average is $2.42 and its 200 day moving average is $2.51. The firm’s market capitalization is $65.97 million.

CytRx Corp. (NASDAQ:CYTR) last posted its earnings results on Wednesday, May 11th. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.07. Equities research analysts forecast that CytRx Corp. will post ($0.78) earnings per share for the current year.

CytRx Corporation is a biopharmaceutical research and development company specializing in oncology. The Company is focused on the clinical development of aldoxorubicin, its modified version of the chemotherapeutic agent, doxorubicin. It is engaged in Phase III trials for aldoxorubicin as a therapy for patients with soft tissue sarcoma (STS) whose tumors have progressed after treatment with chemotherapy.

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