The drug, aldoxorubicin, is meant to treat soft tissue sarcoma patients. In a late-stage study, data revealed that CytRx's treatment did not show significant improvement in patients over other typically-used drugs.
The company said it hopes to conduct a second analysis.
TheStreet's Adam Feuerstein says that the failure of the aldoxurobicin study leaves CytRx with a depleted pipeline.
Over 26 million shares of the company have traded hands so far today. The stock's average is just under 900,000 shares per day.
CytRx is a biopharmaceutical company based in Los Angeles.
Separately, TheStreet Ratings rated this stock as a "sell" with a ratings score of D-.
The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and poor profit margins.
You can view the full analysis from the report here: CYTR
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.