This morning, many investors are likely to keep the CytRx Corporation (OTCMKTS:CYTR) stock in their sights considering the fact that it had emerged as one of the major gainers yesterday and clocked gains of as much as 11%.
Trading Data
On Monday, CYTR stock moved up 10.89% to $0.56 with more 14K shares, compared to its average volume of 79K shares. The stock has moved within a range of $0.5060 – 0.5600 after opening trade at $0.52.
CytRx Announces the Appointment of Dr. Stephen Snowdy as Chief Executive Officer
As it happens, the specialised biopharmaceutical firm had come into focus yesterday after it announced that it had appointed a new Chief Executive Officer in the form of Dr Stephen Snowdy. The appointment is going to go into effect from January 10 this year and it seems that the appointment has been welcomed wholeheartedly by investors as well. The strong rally in the stock is an indication of that.
However, that was not all. CytRx also announced that Dr Louis Ignarro had been appointed as the Chairman of the company’s Board of Directors. That appointment went into effect from January 3, 2022. The appointment of Snowdy may have excited investors in light of the fact that he is not only a scientist but also a medical venture capitalist and a serial entrepreneur.
While the appointment led to a nice rally in the CytRx stock, it will be interesting to see how the new CEO performs and only then a clearer picture is going to emerge.
Key Quote
Dr. Ignarro, Chairman of the Board, said:
“On behalf of the Board, I want to thank Steven for his visionary leadership and relentless dedication to CytRx. Steven turned the Company around at the most critical time and we all appreciate the progress he has made. We wish him nothing but success in any future endeavors.”
Technical Data
CYTR stock is trading below the 20-Day and 50-Day Moving averages of $0.56 and $0.57 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.15.
