CytomX Therapeutics (NASDAQ:CTMX) Hits New 52-Week High After Analyst Upgrade

Key Points

• CytomX Therapeutics' shares reached a new 52-week high of $3.48 after an upgrade by Weiss Ratings from sell to hold.
• Multiple analysts have provided positive ratings and price targets, with Barclays setting a target of $3.50 and Cantor Fitzgerald at $6.00.
• Institutional investors own 67.77% of the stock, highlighting significant hedge fund interest in CytomX Therapeutics.

CytomX Therapeutics, Inc. (NASDAQ:CTMX - Get Free Report) shares hit a new 52-week high on Thursday after Weiss Ratings upgraded the stock from a sell (d+) rating to a hold (c-) rating. The stock traded as high as $3.48 and last traded at $3.44, with a volume of 446090 shares changing hands. The stock had previously closed at $3.37.

A number of other analysts have also weighed in on the stock. Barclays initiated coverage on shares of CytomX Therapeutics in a research note on Wednesday, September 17th. They set an "overweight" rating and a $3.50 price objective for the company. Cantor Fitzgerald started coverage on CytomX Therapeutics in a report on Monday, September 22nd. They issued an "overweight" rating and a $6.00 target price on the stock. Finally, Oppenheimer started coverage on CytomX Therapeutics in a research note on Thursday, July 31st. They set an "outperform" rating and a $7.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, CytomX Therapeutics has an average rating of "Buy" and an average target price of $5.42.

Hedge Funds Weigh In On CytomX Therapeutics

Hedge funds have recently made changes to their positions in the company. Miller Financial Services LLC grew its position in CytomX Therapeutics by 104.0% during the 1st quarter. Miller Financial Services LLC now owns 51,000 shares of the biotechnology company's stock worth $32,000 after purchasing an additional 26,000 shares during the period. Invesco Ltd. purchased a new position in CytomX Therapeutics in the 2nd quarter valued at about $32,000. Pursue Wealth Partners LLC purchased a new position in CytomX Therapeutics in the 2nd quarter worth approximately $33,000. Goldman Sachs Group Inc. purchased a new position in CytomX Therapeutics in the 1st quarter worth approximately $39,000. Finally, Velan Capital Investment Management LP lifted its stake in CytomX Therapeutics by 114.3% in the 1st quarter. Velan Capital Investment Management LP now owns 75,000 shares of the biotechnology company's stock worth $48,000 after purchasing an additional 40,000 shares in the last quarter. 67.77% of the stock is owned by institutional investors and hedge funds.

CytomX Therapeutics Stock Performance

The stock has a market cap of $559.87 million, a PE ratio of 6.07 and a beta of 2.27. The company's 50-day moving average price is $2.31 and its 200 day moving average price is $1.92.

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.

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