Cell Therapeutics (CTIC) continues to see heavy trading. After losing 42 cents to 64 cents per share yesterday, shares have added 10 this morning, to 74 cents, ahead of tomorrow’s FDA panel related to the company’s cancer drug Pixantrone. Meanwhile, CTIC Feb 1 put is the most actively traded options contract early Tuesday, with more than 42K on the tape if the first 15 min. Some investors might be liquidating positions after the plunge in the share price yesterday. The top trade is 10K on the bid at 30 cents. Open interest is 81.7K.

Update from Reuters:

“WASHINGTON, Feb 8 (Reuters) – U.S. drug reviewers questioned effectiveness data from Cell Therapeutics Inc for an experimental lymphoma drug and said the medicine had substantial side effects, according to documents released on Monday.
Cell Therapeutics shares fell 42 cents to close at 64 cents on Nasdaq.
A Food and Drug Administration advisory panel review of the drug, originally scheduled for Wednesday, was postponed due to weather. The Washington region is digging out from a storm that dumped two feet (half-meter) of snow, and more snow was forecast for Tuesday and Wednesday.
Seattle-based Cell Therapeutics is seeking approval to sell pixantrone under the brand name Pixuvri for treating non-Hodgkin’s lymphoma that has stopped responding to other treatments. more.”