CytomX Therapeutics (NASDAQ:CTMX) Rating Lowered to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded CytomX Therapeutics to “sell” from “hold,” despite MarketBeat’s overall consensus rating remaining “Moderate Buy” with a $11.90 price target.
• CTMX opened at $3.28, well below its 52-week high of $8.21, and has a market capitalization of approximately $714.7 million. The stock’s 50-day and 200-day moving averages were $3.42 and $4.12, respectively.
• CytomX missed quarterly expectations, reporting a $0.09 per-share loss versus the expected $0.08 loss and revenue of $1.42 million versus estimates of $12.39 million. Institutional investors own 67.77% of the company’s shares.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Sunday.

A number of other analysts also recently weighed in on CTMX. HC Wainwright reduced their target price on shares of CytomX Therapeutics from $17.00 to $11.00 and set a "buy" rating on the stock in a report on Monday, May 11th. JPMorgan Chase & Co. reduced their price objective on CytomX Therapeutics from $12.00 to $11.00 and set an "overweight" rating on the stock in a research note on Thursday, August 13th. Wolfe Research started coverage on CytomX Therapeutics in a research report on Tuesday, May 19th. They set an "outperform" rating and a $6.00 price objective on the stock. Weiss Ratings reaffirmed a "sell (d)" rating on shares of CytomX Therapeutics in a research note on Tuesday, June 16th. Finally, Guggenheim dropped their target price on CytomX Therapeutics from $15.00 to $14.00 and set a "buy" rating for the company in a report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.90.

CytomX Therapeutics Price Performance

CTMX stock opened at $3.28 on Friday. The stock has a market cap of $714.71 million, a PE ratio of -6.56 and a beta of 2.12. CytomX Therapeutics has a one year low of $1.90 and a one year high of $8.21. The firm has a 50 day simple moving average of $3.42 and a two-hundred day simple moving average of $4.12.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last posted its earnings results on Thursday, August 6th. The biotechnology company reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates 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. On average, research analysts expect that CytomX Therapeutics will post -0.4 EPS for the current fiscal year.

Institutional Trading of CytomX Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of CytomX Therapeutics in the second quarter worth about $65,849,000. Bank of America Corp DE bought a new stake in CytomX Therapeutics during the 2nd quarter valued at about $56,560,000. Perceptive Advisors LLC lifted its holdings in CytomX Therapeutics by 4.3% during the 1st quarter. Perceptive Advisors LLC now owns 10,098,824 shares of the biotechnology company's stock valued at $47,464,000 after buying an additional 418,639 shares in the last quarter. Orbimed Advisors LLC purchased a new stake in CytomX Therapeutics in the 2nd quarter valued at about $19,208,000. Finally, Commodore Capital LP purchased a new stake in CytomX Therapeutics in the 2nd quarter valued at about $17,462,000. 67.77% of the stock is currently owned by institutional investors.

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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