Oppenheimer Initiates Coverage on CytomX Therapeutics (NASDAQ:CTMX)

Key Points

• Oppenheimer initiated coverage of CytomX Therapeutics with an "outperform" rating and a price target of $7.00, indicating a potential upside of 201.72% from the current stock price.
• Multiple brokerages have recently rated CytomX Therapeutics as a "buy," with a current consensus price target of $5.75.
• CytomX Therapeutics reported earnings of $0.27 per share for the last quarter, exceeding analysts' expectations and indicating a strong revenue of $50.92 million.

Oppenheimer assumed coverage on shares of CytomX Therapeutics (NASDAQ:CTMX - Free Report) in a research note issued to investors on Thursday morning, MarketBeat Ratings reports. The firm issued an outperform rating and a $7.00 price target on the biotechnology company's stock.

CTMX has been the topic of a number of other reports. Wedbush reiterated an "outperform" rating and issued a $6.00 price target (up from $5.00) on shares of CytomX Therapeutics in a research report on Monday, May 12th. Piper Sandler boosted their price target on CytomX Therapeutics from $2.50 to $5.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. HC Wainwright raised CytomX Therapeutics from a "neutral" rating to a "buy" rating and set a $5.00 target price on the stock in a report on Thursday, May 15th. Finally, Wall Street Zen upgraded CytomX Therapeutics from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $5.75.

CytomX Therapeutics Price Performance

Shares of CTMX stock traded up $0.03 during trading hours on Thursday, hitting $2.38. 548,198 shares of the company's stock were exchanged, compared to its average volume of 3,150,550. The stock's 50-day moving average is $2.41 and its 200-day moving average is $1.41. The stock has a market cap of $191.47 million, a price-to-earnings ratio of 4.95 and a beta of 2.13. CytomX Therapeutics has a 52 week low of $0.40 and a 52 week high of $3.10.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The biotechnology company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.09. CytomX Therapeutics had a negative return on equity of 553.71% and a net margin of 28.22%. The business had revenue of $50.92 million for the quarter, compared to analyst estimates of $35.42 million. During the same quarter in the prior year, the firm posted $0.17 earnings per share. Equities research analysts forecast that CytomX Therapeutics will post -0.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CytomX Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Personalized Indexing Management LLC boosted its position in shares of CytomX Therapeutics by 63.6% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 28,966 shares of the biotechnology company's stock valued at $66,000 after purchasing an additional 11,258 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in CytomX Therapeutics by 1.2% in the second quarter. Assenagon Asset Management S.A. now owns 720,020 shares of the biotechnology company's stock worth $1,634,000 after acquiring an additional 8,566 shares in the last quarter. Goldman Sachs Group Inc. bought a new position in CytomX Therapeutics in the first quarter worth approximately $39,000. Acadian Asset Management LLC boosted its holdings in CytomX Therapeutics by 3.1% in the first quarter. Acadian Asset Management LLC now owns 3,234,035 shares of the biotechnology company's stock worth $2,053,000 after acquiring an additional 96,989 shares in the last quarter. Finally, Woodline Partners LP bought a new position in CytomX Therapeutics in the first quarter worth approximately $1,054,000. Institutional investors and hedge funds own 67.77% of the company's stock.

About CytomX Therapeutics

CytomX Therapeutics, Inc, an oncology-focused biopharmaceutical company, focuses on developing novel conditionally activated biologics localized to the tumor microenvironment. The company utilizes conditional activation platform technology for oncology biologics research and development comprising the validation of targets for antibody-drug conjugates (ADCs), opening therapeutic window for novel T-cell engagers (TCEs) targeting solid tumors, and increasing the therapeutic index for immune modulators, such as cytokines; and PROBODY platform in preclinical research in areas outside of oncology.