CytRx Corporation (NASDAQ:CYTR) gapped down prior to trading on Friday . The stock had previously closed at $0.42, but opened at $0.44. CytRx Corporation shares last traded at $0.42, with a volume of 2,156,340 shares changing hands.

Separately, ValuEngine raised CytRx Corporation from a “sell” rating to a “hold” rating in a report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. CytRx Corporation has an average rating of “Hold” and an average target price of $2.50.

The stock’s 50 day moving average is $0.59 and its 200 day moving average is $0.55. The firm’s market capitalization is $70.00 million.

Hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new position in CytRx Corporation in the first quarter worth $102,000. Renaissance Technologies LLC purchased a new position in CytRx Corporation in the first quarter worth $264,000. Goldman Sachs Group Inc. boosted its position in CytRx Corporation by 795.0% in the second quarter. Goldman Sachs Group Inc. now owns 703,465 shares of the biotechnology company’s stock worth $441,000 after purchasing an additional 624,863 shares during the last quarter. Vanguard Group Inc. boosted its position in CytRx Corporation by 53.9% in the second quarter. Vanguard Group Inc. now owns 4,823,123 shares of the biotechnology company’s stock worth $3,024,000 after purchasing an additional 1,689,874 shares during the last quarter. Finally, LMR Partners LLP purchased a new position in CytRx Corporation in the second quarter worth $235,000. 7.83% of the stock is currently owned by institutional investors and hedge funds.

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About CytRx Corporation

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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