Wednesday, April 13, 2011

GTx (GTXI) Rockets Up on Citi (C) Upgrade

After being upgraded by Citigroup (NYSE:C), shares of GTX (NASDAQ:GTXI) skyrocketed by over 40 percent in trading today.

Citigroup upgraded the biopharmaceutical company from "Hold" to "Buy."

Early reports on its latest drug capesaris was encouraging for the company, which is used chemically castrate prostate cancer patients. A phase II study will be initiated in the second quarter of 2011.

Separately, GTx said it will no longer be partnering with French drug company Ipsen, which it had been working on its toremifene 80 MG product, a drug being developed to reduce fractures in men receiving androgen deprivation therapy for prostate cancer.

GTx was trading at $3.91, gaining $1.16, or 42.18 percent, as of 1:50 PM EDT.

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