CytomX Therapeutics (NASDAQ:CTMX) Downgraded to "Hold" Rating by Zacks Research

Key Points

• Zacks Research downgraded CytomX Therapeutics from “strong buy” to “hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $11.90.
• CytomX shares opened at $3.29, well below their 52-week high of $8.21. The company recently missed quarterly expectations, reporting a $0.09-per-share loss and $1.42 million in revenue versus the $12.39 million consensus estimate.
• Institutional investors own 67.77% of the stock, with firms including Geode Capital and Marshall Wace significantly increasing their positions during the second quarter.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) was downgraded by analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Wednesday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Wolfe Research assumed coverage on CytomX Therapeutics in a research report on Tuesday, May 19th. They set an "outperform" rating and a $6.00 price target on the stock. JPMorgan Chase & Co. dropped their price target on CytomX Therapeutics from $12.00 to $11.00 and set an "overweight" rating for the company in a research note on Thursday, August 13th. Weiss Ratings reiterated a "sell (d)" rating on shares of CytomX Therapeutics in a report on Tuesday, June 16th. Wall Street Zen upgraded CytomX Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Finally, HC Wainwright decreased their price objective on CytomX Therapeutics from $17.00 to $11.00 and set a "buy" rating on the stock in a report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $11.90.

CytomX Therapeutics Price Performance

Shares of NASDAQ:CTMX opened at $3.29 on Wednesday. The company's fifty day moving average price is $3.41 and its 200-day moving average price is $4.12. The firm has a market capitalization of $716.89 million, a price-to-earnings ratio of -6.58 and a beta of 2.12. CytomX Therapeutics has a one year low of $1.90 and a one year high of $8.21.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The biotechnology company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.01). CytomX Therapeutics had a negative net margin of 435.21% and a negative return on equity of 38.46%. The company had revenue of $1.42 million for the quarter, compared to analysts' expectations of $12.39 million. As a group, equities research analysts expect that CytomX Therapeutics will post -0.4 EPS for the current year.

Hedge Funds Weigh In On CytomX Therapeutics

Large investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. bought a new stake in CytomX Therapeutics in the first quarter worth $39,000. Woodline Partners LP purchased a new stake in CytomX Therapeutics during the first quarter valued at about $1,054,000. Geode Capital Management LLC grew its stake in shares of CytomX Therapeutics by 103.4% during the second quarter. Geode Capital Management LLC now owns 1,745,176 shares of the biotechnology company's stock valued at $3,963,000 after buying an additional 887,218 shares during the last quarter. Invesco Ltd. bought a new position in shares of CytomX Therapeutics during the second quarter valued at about $32,000. Finally, Marshall Wace LLP increased its holdings in shares of CytomX Therapeutics by 2,650.9% in the second quarter. Marshall Wace LLP now owns 2,353,122 shares of the biotechnology company's stock worth $5,342,000 after buying an additional 2,267,583 shares during the period. Hedge funds and other institutional investors own 67.77% of the company's stock.

About CytomX Therapeutics

CytomX Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of next-generation therapeutics based on its proprietary Probody® platform. The company engineers masked antibody prodrugs that remain inactive in healthy tissue but are selectively activated in the tumor microenvironment. This approach is designed to enhance the safety and tolerability of antibody-based therapies, particularly those targeting immuno-oncology pathways.

At the core of CytomX's pipeline is Pacmilimab (CX-072), an anti–PD-L1 Probody therapeutic currently undergoing clinical evaluation for multiple solid tumor indications.

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