Citius Pharmaceuticals Inc (NASDAQ:CTXR) Stock Continues to Trend Lower: Now What?

The biopharmaceutical firm Citius Pharmaceuticals Inc (NASDAQ:CTXR) was in focus among many investors on Friday after the company announced its financial results for the third fiscal quarter of the year for the period ended on June 30, 2021.

The stock ended the day with gains of 2% and it is likely to be in focus among many investors today as well. In this situation, it might be a good idea for investors to take a look at Citius’ performance. The company announced that it managed to raise as much as $16.9 million in the form of fresh proceeds by issuing as many as 11.2 million shares of the Citius common stock after warrants had been exercised.

That took the cumulative financial activities for the first of the year to as much as $127.6 million. On the other hand, the numbers of authorised shares were boosted to 410000000 from 210,000,000 and the approval for the same had been given by the Citius shareholders back on June 21. In addition to that, the numbers of authorised common shares were increased to 400,000,000 from 200,000,000. At the end of the quarter, the company also reported cash and cash equivalents of $116.7 million in its books.