CytomX Therapeutics (NASDAQ:CTMX) Raised to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded CytomX Therapeutics from “hold” to “strong-buy,” adding to a mixed but generally positive analyst backdrop. The stock now carries a consensus rating of “Buy” and a consensus price target of $12.10.
• Recent earnings beat expectations as CytomX reported a quarterly loss of $0.10 per share, better than the expected $0.14 loss, and revenue of $10.26 million versus estimates of $4.68 million.
• Shares were trading at $3.33 with a market cap of about $566.7 million, while institutional investors held 67.77% of the stock. The company remains a clinical-stage biotech focused on its Probody platform and the lead candidate Pacmilimab.

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

A number of other equities analysts have also recently weighed in on the company. Piper Sandler upped their price target on CytomX Therapeutics from $10.00 to $12.00 and gave the stock an "overweight" rating in a report on Monday, March 23rd. HC Wainwright dropped 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. Weiss Ratings restated a "sell (d)" rating on shares of CytomX Therapeutics in a research report on Tuesday, June 16th. Wall Street Zen raised CytomX Therapeutics from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 9th. Finally, Wolfe Research started coverage on CytomX Therapeutics in a research report on Tuesday, May 19th. They set an "outperform" rating and a $6.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $12.10.

CytomX Therapeutics Stock Performance

CTMX opened at $3.33 on Tuesday. The company has a fifty day moving average of $3.45 and a two-hundred day moving average of $4.36. The stock has a market capitalization of $566.73 million, a price-to-earnings ratio of -8.12 and a beta of 2.08. CytomX Therapeutics has a fifty-two week low of $1.72 and a fifty-two week high of $8.21.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last posted its earnings results on Thursday, May 7th. The biotechnology company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.04. CytomX Therapeutics had a negative net margin of 166.40% and a negative return on equity of 36.61%. The business had revenue of $10.26 million for the quarter, compared to analyst estimates of $4.68 million. On average, equities research analysts forecast that CytomX Therapeutics will post -0.45 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CTMX. Wells Fargo & Company MN grew its holdings in shares of CytomX Therapeutics by 83.2% during the fourth quarter. Wells Fargo & Company MN now owns 6,605 shares of the biotechnology company's stock worth $28,000 after buying an additional 3,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in CytomX Therapeutics during the 4th quarter valued at about $35,000. Lido Advisors LLC purchased a new stake in CytomX Therapeutics during the 1st quarter valued at about $49,000. May Hill Capital LLC purchased a new stake in CytomX Therapeutics during the 4th quarter valued at about $46,000. Finally, GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in CytomX Therapeutics in the 1st quarter valued at about $52,000. Hedge funds and other institutional investors own 67.77% of the company's stock.

CytomX Therapeutics Company Profile

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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