As we saw with NPSP, these small biotch stocks can be dangerous which is why you have to be careful about your position size. Shares of CYTR look like they may be getting close to breaking past resistance and that should make the shorts pretty uncomfortable (: I may buy a little bit here with a stop near 3.35 and then add to the position if the stock can make a higher high by breaking the trendline which defines an inverted head and shoulders pattern.
CytRx Corporation (CytRx) is a biopharmaceutical research and development company engaged in developing human therapeutic products based primarily upon its small molecule molecular chaperone co-induction technology. The Company has completed a Phase IIa clinical trial of its principle small molecule product candidate, arimoclomol, for the treatment of amyotrophic lateral sclerosis, which is commonly known as ALS or Lou Gehrig’s disease. The Company is also are engaged in developing therapeutic products based upon ribonucleic acid interference (RNAi), which has the potential to treat an array of diseases by interfering with the expression of targeted disease-associated genes. In order to fully realize the potential value of its RNAi technologies, in January 2007, the Company transferred to RXi Pharmaceuticals Corporation, its majority-owned subsidiary, substantially all of its RNAi-related technologies and assets.