CytomX Therapeutics (NASDAQ:CTMX) Given New $11.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan cut CytomX Therapeutics’ price target to $11 from $12 while maintaining an “overweight” rating, implying 227.19% upside from the prior close.
• Analyst sentiment remains broadly positive: MarketBeat reports a consensus “Buy” rating and an average price target of $11.90, despite several firms recently lowering their targets.
• CytomX shares fell 3.7% to $3.36 after the company reported a quarterly loss of $0.09 per share and revenue of $1.42 million, well below analysts’ $12.39 million estimate.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) had its target price decreased by equities research analysts at JPMorgan Chase & Co. from $12.00 to $11.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the biotechnology company's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 227.19% from the stock's previous close.

CTMX has been the topic of several other research reports. Wolfe Research began coverage on CytomX Therapeutics in a report on Tuesday, May 19th. They set an "outperform" rating and a $6.00 price target on the stock. Guggenheim decreased their price objective on CytomX Therapeutics from $15.00 to $14.00 and set a "buy" rating for the company in a research note on Monday. Zacks Research raised CytomX Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 21st. HC Wainwright cut their target price on shares of CytomX Therapeutics from $17.00 to $11.00 and set a "buy" rating on the stock in a research note on Monday, May 11th. Finally, Wall Street Zen raised shares of CytomX Therapeutics from a "strong sell" rating to a "sell" rating in a report on Saturday, May 9th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $11.90.

CytomX Therapeutics Trading Down 3.7%

CTMX traded down $0.13 during trading hours on Thursday, hitting $3.36. 396,382 shares of the company's stock were exchanged, compared to its average volume of 4,990,099. CytomX Therapeutics has a 12-month low of $1.72 and a 12-month high of $8.21. The firm has a 50 day moving average of $3.36 and a 200 day moving average of $4.22. The firm has a market cap of $572.18 million, a P/E ratio of -6.71 and a beta of 2.12.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The biotechnology company reported ($0.09) EPS 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 business had revenue of $1.42 million during the quarter, compared to analysts' expectations of $12.39 million. As a group, research analysts expect that CytomX Therapeutics will post -0.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Schulhoff & Co. Inc. acquired a new position in CytomX Therapeutics in the fourth quarter valued at approximately $1,597,000. Bank of America Corp DE raised its holdings in CytomX Therapeutics by 1,064.3% during the first quarter. Bank of America Corp DE now owns 10,202,785 shares of the biotechnology company's stock worth $47,953,000 after purchasing an additional 9,326,480 shares in the last quarter. Seven Fleet Capital Management LP raised its holdings in CytomX Therapeutics by 2,119.7% during the first quarter. Seven Fleet Capital Management LP now owns 1,085,398 shares of the biotechnology company's stock worth $5,101,000 after purchasing an additional 1,036,500 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in CytomX Therapeutics by 49.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,930,920 shares of the biotechnology company's stock worth $9,071,000 after purchasing an additional 641,264 shares in the last quarter. Finally, Siren L.L.C. purchased a new stake in shares of CytomX Therapeutics during the 1st quarter worth approximately $16,251,000. 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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