Heavy Insider Trading Reported As Cell Therapeutics Stock Soars
Shares of Cell Therapeutics Inc. (NASDAQ:CTIC) rose dramatically on Tuesday following an announcement that the company had launched a new treatment for adults with multiply relapsed or refractory aggressive non-Hodgkin B-cell lymphoma.
What also rose was the amount of insider trading that was reported in the weeks leading up to the launch of the product, suggesting these officials may have been making insider trades based on information that may have been kept from public traders.
The company's Pixuvri drug will soon enter markets in Sweden, Denmark and Finland, and other countries in the EU will take delivery of the drug in the months following.
"Patients with late-stage aggressive NHL who are not eligible for, or who have not responded to, second line therapy, have very limited treatment options and a bleak outlook, with average survival of less than a year," said Dr. Ruth Pettengell, Consultant Hemato-Oncologist at St George's Hospital. "The evidence for Pixuvri demonstrates improved efficacy over current treatment options, but without the cardiotoxicity of anthracyclines. By addressing this unmet need, Pixuvri is an important new treatment option for physicians treating this group of patients."
In the last three months, company insiders sold $824,400 in stock.
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