It took considerably longer than I anticipated, but CytRx Corporation is now up 32.36% since I first wrote about it in late September. Consequently, the “I’m In” tab has brought me over 60% in profit since launching the new Scrying Biotech website. Remember that the “I’m In” tab has my best investment assessments. I cashed out a 30% profit just prior to another 7% gain on further interim clinical data, this time in Karposi’s Syndrome.
I want to remind investors that there’s still considerable danger in holding a position in CytRx. The partial clinical hold hasn’t been lifted. Grade 4 adverse events were reported in the most recent press release relative to KS. And the legal issues surrounding the company are oppressive to investor enthusiasm. In my Early October Review, I indicated that I would sell-the-news on gains between 30-60%, and I have. This may have been precipitous. I’d also like to remind folks that I anticipated that GBM results would come in and be good, which they were.
When and if the clinical hold is lifted, I may reinitiate a position in CytRx. I am mindful, however, that a legal settlement and concomitant equity raise could prove to be a dire setback. Long term, with resolution of both the clinical hold and legal issues, I believe CytRx to be an excellent biotech holding. ‘IF’!
Always do your own due diligence and consult a professional investment advisor before making any investment decision.
My disclaimer can be found here.
Always be well…