As you can see, after a June pop to over $4.50, this Nasdaq profile has since been in a downtrend.
But, when it dropped to the $2.00 level, it looks like strong potential support could be holding this profile from dropping any further.
This could be huge...
In the past, this profile has held support at a couple different lines.
Back in early March, CTXR dropped to just below $1.50 before climbing back over $2.00. Then, CTXR followed back up with another $1.50 touch in mid-April before climbing back up the charts.
Fast-forward to May. After dropping below $2.00 mid-month, it began to heat up towards that 52-week high last month.
Now, after this recent downtrend, $2.00 potential support looks to be holding once again which means a bounce could be in the near future.
On top of that, Barchart is reporting multiple oversold leaning technicals for CTXR you need to be aware of.
They are as follows:
- 9-Day Relative Strength Index: 28.39%
- 14-Day Relative Strength Index: 36.19%
When these numbers drop down to the 30% range and lower, they can be viewed as being in oversold territory. While in this territory, they can paint the picture of a profile that is undervalued.
- 14-Day Raw Stochastic: 9.69%
- 14-Day Williams %R: 90.31%
As the Raw Stochastic nears the 10% range and lower and the Williams %R nears the 90% range or higher, these technical indicators may also be viewed as oversold and undervalued.
Could these technicals be signaling a profile that is oversold/undervalued and ready to make another potential vertical move?
Your No. 2 CTXR Potential Driver Indicator - Company First Half 2021 Business Update
Citius Pharmaceuticals, Inc. Provides First Half 2021 Business Update, Highlights Upcoming Milestones
- Phase 3 Mino-Lok® trial proceeding as planned following recommendation by independent Data Monitoring Committee (DMC), highlighting important safety and efficacy signals -
- Mino-Lok® New Drug Application (NDA) submission planned for 2022 following anticipated completion of Phase 3 trial by the end of 2021 or early 2022 -
- Citius financial flexibility expanded with $127.6Mn in financing activities during the first half of 2021, including $16.9Mn in cash proceeds from warrants exercised during the quarter ended June 30, 2021 -
CRANFORD, N.J., July 7, 2021 /PRNewswire/ -- Citius Pharmaceuticals, Inc. ("Citius" or the "Company") (Nasdaq: CTXR), a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products with a focus on anti-infective products in adjunct cancer care, unique prescription products and stem cell therapy, today provided a business update for the six-month period ended June 30, 2021 and reported on recent corporate developments.
Recent Highlights and Upcoming Milestones
- On July 1, 2021, Citius reported that the independent DMC recommended continuation of the Phase 3 Mino-Lok® pivotal superiority trial as planned with no modifications or safety concerns,
- Citius expects to complete the Mino-Lok® trial by the end of 2021 or early 2022, subject to continued easing of CV-19 restrictions in the U.S.,
- Citius plans to submit a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) in 2022 following completion of its Phase 3 Mino-Lok® trial, and
- Subsequent to March 31, 2021, Citius issued 11.2 million shares of Citius common stock upon the exercise of warrants, for aggregate proceeds of $16.9Mn during the quarter and a total of $127.6Mn in financing activities during the first half of 2021.
"On July 1, 2021, we reported that the independent Data Monitoring Committee (DMC), following its third interim review, recommended continuing the Phase 3 trial for Mino-Lok® without modification. This recommendation affirms that there is an important efficacy signal that merits moving forward with the trial, there are no safety concerns to warrant halting the trial, and that the full data set upon trial completion may support statistically significant superiority. Whether Mino-Lok® demonstrates statistical superiority will only be known to us once the trial is finished and the data is unblinded. We view the recommendation of the DMC as a strong positive signal, and remain fully committed to completing the trial in a timely manner," stated Myron Holubiak, President and Chief Executive Officer of Citius.
Read the full article here.
Your No. 3 CTXR Potential Driver Indicator - Company Being Added To Russell 2000® Index
Citius Pharmaceuticals to be Added to Russell 2000® Index
CRANFORD, N.J., June 7, 2021 /PRNewswire/ -- Citius Pharmaceuticals, Inc. ("Citius" or the "Company") (Nasdaq: CTXR), a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products with a focus on anti-infective products in adjunct cancer care, unique prescription products and stem cell therapy, today announced that it is set to be added to the Russell 2000® Index at the conclusion of the Russell US Indexes annual reconstitution, effective at the opening of the U.S. equity markets on June 28, 2021.
"Our inclusion in the Russell index is an important milestone for Citius that reflects the continued progress we are making to develop and commercialize first-in-class treatment options for patients around the world. We welcome the enhanced visibility of our diversified pipeline and long-term growth potential, and look forward to sharing our future milestones with a broader investment community," said Myron Holubiak, President and Chief Executive Officer of Citius.
FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes. Membership in the small-cap Russell 2000® Index, which remains in place for one year, is based on membership in the broad-market Russell 3000® Index. Citius st-ock will also be automatically added to the appropriate growth and value indexes.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $9Tn in assets are benchmarked against Russell's US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
Read the full article here.
Your No. 4 CTXR Potential Driver Indicator - Analyst Coverage With Major P.T.
Dawson James Securities - $8.00 Price Target
Here are the major highlights from the March Dawson James Securities updated analyst report:
Management is Focused and Understands. Now is the time to spend money on resources, FDA consultants and the like to ensure that all elements of the rolling NDA are up to par, from the culmination of component studies to CMC details, record keeping and, of course, a focus on the potential for the pivotal trial to be stopped early for efficacy.
What is Mino-Lok? Three active drug substances (minocycline, ethanol, and EDTA), which are combined into two vials, MLT01 (minocycline) and MLT02 (ethanol and EDTA). Citius has manufactured three registration lots of Mino-Lok using the commercial manufacturing process, part of the planned New Drug Application (NDA). Citius has placed all registration lots on stability at the appropriate ICH (The International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use) conditions to support the NDA filing. Citius has also developed a new exclusive synthesis process for disodium edetate, a chelating agent that supplants heparin as the anti-clotting agent in Mino-Lok.
Trial Background. The current Phase 3 trial being conducted compares Mino-Lok therapy (MLT) to the standard of care, which is antibiotic lock therapy (ALT). This is used to disinfect colonized catheters causing bacteremia and keep the treated catheters functioning and infection-free for eight weeks post-therapy. The current primary endpoint in the study is planned to demonstrate a significant difference in the time to catheter failure when comparing MLT to ALT. This is clinically important because eliminating the source of infection enables antibiotic treatment of the bacteremia to work more effectively and expeditiously. Additionally, if a catheter can be maintained for the time that it is needed, the patient does not need to be subjected to the procedures for removing and replacing the catheters that are associated with some serious adverse events.
Could the DMC halt the study early for Efficacy? We think so. This past September, the DMC recommended continuing the trial without any modifications. The DMC further requested to have an ad hoc meeting in the near future. Recall that the trial (Sept. 2019) reached the first interim analysis point of 37 catheter failures representing 40% of the anticipated events at ~58 patients. Recall that the trial is designed with 80% power for an assumed 17-day difference between active and standard of care (SOC). We typically expect the SOC arm to fail in 5-14 days.
Valuation. Our valuation is based on our therapeutic models and associated assumptions projected to 2028. The lead product, MiniLok, is now in a Phase 3 trial. We conservatively assume just 50% probability of success in our therapeutic model. On top of this, we also use a 30% risk rate in our free cash flow to the firm (FCFF), our discounted EPS (dEPS) and sum-of-the-parts (SOP) models. We equal weight and average these metrics and then round to the nearest whole number to derive our $8.00 price target.
From Wednesday's close, this $8.00 price target provides upside potential over 200%.
Now, I'm not saying CTXR is going to go soaring to $8.00 today, but you need to be aware of this analyst provided potential upside.
Your No. 5 CTXR Potential Driver Indicator - Bullish Technicals
According to Barchart at close Wednesday, CTXR is packing some seriously bullish technical indicators.
These are currently triggered as bullish:
Short Term Indicators
- 20 - 50 Day MACD Oscillator
- 20 - 100 Day MACD Oscillator
- 20 - 200 Day MACD Oscillator
Medium Term Indicators
- 50 - 100 Day MACD Oscillator
- 50 - 150 Day MACD Oscillator
- 50 - 200 Day MACD Oscillator
Long Term Indicators
- 150 Day Moving Average
- 200 Day Moving Average
- 100 - 200 Day MACD Oscillator
Even after this recent downtrend from CTXR, could these bullish technicals be telling a different story of things to come for this Nasdaq past champ?