CytomX Therapeutics (NASDAQ:CTMX) Price Target Raised to $12.00

Key Points

• JPMorgan raised CytomX Therapeutics’ price target to $12 from $11 and maintained an “overweight” rating, implying 464.71% upside from the stock’s then-current price.
• Analysts’ consensus was “Moderate Buy,” with an average price target of $12.10; ratings ranged from one Strong Buy and nine Buys to one Hold and one Sell.
• CytomX reported a quarterly loss of $0.09 per share, missing the $0.07 loss estimate, while revenue of $1.69 million fell short of analysts’ $10.38 million forecast.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) had its price objective upped by research analysts at JPMorgan Chase & Co. from $11.00 to $12.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an "overweight" rating on the biotechnology company's stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 464.71% from the company's current price.

CTMX has been the topic of a number of other research reports. Guggenheim dropped their price objective on CytomX Therapeutics from $15.00 to $14.00 and set a "buy" rating on the stock in a research note on Monday, August 10th. Zacks Research cut shares of CytomX Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 19th. Cantor Fitzgerald restated an "overweight" rating on shares of CytomX Therapeutics in a report on Tuesday, October 13th. Wedbush upped their price target on shares of CytomX Therapeutics from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday, November 6th. Finally, Wall Street Zen upgraded shares of CytomX Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $12.10.

CytomX Therapeutics Stock Performance

NASDAQ:CTMX opened at $2.12 on Thursday. CytomX Therapeutics has a 52-week low of $1.90 and a 52-week high of $8.21. The company has a market cap of $463.27 million, a P/E ratio of -4.25 and a beta of 2.23. The stock's 50-day simple moving average is $2.63 and its 200 day simple moving average is $3.76.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last issued its quarterly earnings results on Thursday, November 5th. The biotechnology company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.02). The company had revenue of $1.69 million for the quarter, compared to analyst estimates of $10.38 million. CytomX Therapeutics had a negative net margin of 608.98% and a negative return on equity of 33.97%. As a group, equities analysts predict that CytomX Therapeutics will post -0.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CytomX Therapeutics

A number of institutional investors have recently bought and sold shares of the business. Almanack Investment Partners LLC. acquired a new stake in shares of CytomX Therapeutics in the third quarter valued at approximately $30,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of CytomX Therapeutics during the 3rd quarter worth approximately $30,000. Integrated Wealth Concepts LLC acquired a new position in shares of CytomX Therapeutics during the 2nd quarter worth approximately $47,000. Nierenberg Investment Management Company LLC bought a new stake in CytomX Therapeutics in the 2nd quarter valued at $47,081. Finally, Lido Advisors LLC bought a new stake in CytomX Therapeutics in the 1st quarter valued at $49,000. Institutional investors and hedge funds own 67.77% of the company's stock.

About CytomX Therapeutics

CytomX Therapeutics is a clinical-stage biopharmaceutical company focused on developing cancer treatments. Founded in 2008 and headquartered in South San Francisco, California, the company researches therapies designed to target tumors while limiting activity in healthy tissues. Its Probody platform uses molecular masks intended to keep therapeutic antibodies inactive until they encounter enzymes associated with the tumor environment. CytomX applies this approach to investigational medicines, including antibody-drug conjugates and immune-cell-engaging therapies.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.