CytomX Therapeutics (NASDAQ:CTMX) Shares Cross Below 50-Day Moving Average - Should You Sell?

Key Points

• CytomX Therapeutics shares fell below their 50-day moving average, closing at $2.07 after reaching a low of $2.03 during trading.
• Multiple analysts recently upgraded CytomX's stock to a buy rating, with price targets ranging from $5.00 to $7.00, indicating positive sentiment in the market.
• The firm has a market capitalization of approximately $341.36 million and significant institutional ownership, with 67.77% of shares held by hedge funds and other investors.

CytomX Therapeutics, Inc. (NASDAQ:CTMX - Get Free Report)'s share price passed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $2.25 and traded as low as $2.03. CytomX Therapeutics shares last traded at $2.07, with a volume of 1,029,110 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on CTMX shares. Wall Street Zen raised CytomX Therapeutics from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. HC Wainwright upgraded CytomX Therapeutics from a "neutral" rating to a "buy" rating and set a $5.00 price target for the company in a report on Thursday, May 15th. Oppenheimer started coverage on CytomX Therapeutics in a report on Thursday, July 31st. They set an "outperform" rating and a $7.00 price target for the company. Wedbush restated an "outperform" rating and set a $6.00 price target (up from $5.00) on shares of CytomX Therapeutics in a report on Monday, May 12th. Finally, Piper Sandler raised their price target on CytomX Therapeutics from $2.50 to $5.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $5.75.

CytomX Therapeutics Price Performance

The company has a market capitalization of $341.36 million, a PE ratio of 3.70 and a beta of 2.13. The firm has a 50-day moving average of $2.25 and a 200 day moving average of $1.55.

Institutional Trading of CytomX Therapeutics

A number of hedge funds have recently bought and sold shares of the company. Assenagon Asset Management S.A. increased its position in CytomX Therapeutics by 1.2% during the second quarter. Assenagon Asset Management S.A. now owns 720,020 shares of the biotechnology company's stock valued at $1,634,000 after acquiring an additional 8,566 shares during the last quarter. Aspire Growth Partners LLC increased its position in CytomX Therapeutics by 10.8% during the second quarter. Aspire Growth Partners LLC now owns 102,254 shares of the biotechnology company's stock valued at $232,000 after acquiring an additional 10,000 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its position in CytomX Therapeutics by 63.6% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 28,966 shares of the biotechnology company's stock valued at $66,000 after acquiring an additional 11,258 shares during the last quarter. Invesco Ltd. purchased a new stake in CytomX Therapeutics during the second quarter valued at $32,000. Finally, Pursue Wealth Partners LLC purchased a new stake in CytomX Therapeutics during the second quarter valued at $33,000. Hedge funds and other institutional investors own 67.77% of the company's stock.

CytomX Therapeutics Company Profile

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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