Cell Therapeutics (CTIC) Plunges On Double Whammy
May 24, 2010 12:48 PM
Cell Therapeutics (NASDAQ: CTIC) dropped 23.75% by early afternoon trading on Monday after the company said it has entered into an agreement to sell $21 million of shares of its series 5 preferred stock in a registered offering to three institutional investors. The stock price of Cell Therapeutics (CTIC) came under heavy selling pressure after the market men expressed fears that fresh issue of shares is likely to dilute the earnings of company in times ahead.
Cell Therapeutics (CTIC), whose daily charts have been moving in a symmetrical triangle fashion with its 20 day MA and 50 day MA for sometime now, is now all set to search for lower bottom. The fall of small-cap stock Cell Therapeutics (CTIC0 has been precipitated by the initial failure of its molecule aimed at treating cancer.
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