CytomX Therapeutics (NASDAQ:CTMX) Shares Down 6.3% - Here's What Happened

Key Points

• CytomX Therapeutics shares fell 6.3% during Friday trading, briefly hitting $3.71 before closing at $3.70 on lighter-than-normal volume.
• The stock’s move came despite generally positive analyst sentiment, with several firms maintaining or raising price targets and a consensus rating of Moderate Buy with a $12.10 target.
• CytomX recently beat quarterly expectations, reporting a smaller-than-expected loss and revenue of $10.26 million, though the company still posted negative margins and analysts expect a full-year loss.

CytomX Therapeutics, Inc. (NASDAQ:CTMX - Get Free Report) was down 6.3% during mid-day trading on Friday . The company traded as low as $3.71 and last traded at $3.7010. Approximately 365,145 shares changed hands during trading, a decline of 93% from the average session volume of 5,365,162 shares. The stock had previously closed at $3.95.

Analyst Ratings Changes

Several analysts recently commented on CTMX shares. Wall Street Zen raised shares of CytomX Therapeutics from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 9th. Piper Sandler lifted their price objective on CytomX Therapeutics from $10.00 to $12.00 and gave the stock an "overweight" rating in a report on Monday, March 23rd. Weiss Ratings reiterated a "sell (d)" rating on shares of CytomX Therapeutics in a research report on Tuesday, June 16th. Guggenheim increased their target price on CytomX Therapeutics from $10.00 to $15.00 and gave the company a "buy" rating in a report on Wednesday, March 18th. Finally, Barclays boosted their price target on CytomX Therapeutics from $10.00 to $16.00 and gave the company an "overweight" rating in a research note on Thursday, March 19th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $12.10.

CytomX Therapeutics Trading Down 6.5%

The stock has a 50 day moving average of $3.53 and a 200-day moving average of $4.40. The company has a market capitalization of $628.85 million, a P/E ratio of -9.01 and a beta of 2.08.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.04. The business had revenue of $10.26 million for the quarter, compared to the consensus estimate of $4.68 million. CytomX Therapeutics had a negative net margin of 166.40% and a negative return on equity of 36.61%. As a group, sell-side analysts expect that CytomX Therapeutics, Inc. will post -0.45 EPS for the current fiscal year.

Institutional Investors Weigh In On CytomX Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Wells Fargo & Company MN boosted its stake in shares of CytomX Therapeutics by 83.2% in the fourth quarter. Wells Fargo & Company MN now owns 6,605 shares of the biotechnology company's stock worth $28,000 after acquiring an additional 3,000 shares during the period. Invesco Ltd. purchased a new position in CytomX Therapeutics in the 2nd quarter worth approximately $32,000. Mirae Asset Global Investments Co. Ltd. bought a new position in CytomX Therapeutics in the 4th quarter worth approximately $35,000. Goldman Sachs Group Inc. bought a new position in CytomX Therapeutics in the 1st quarter worth approximately $39,000. Finally, May Hill Capital LLC purchased a new stake in CytomX Therapeutics during the 4th quarter valued at approximately $46,000. 67.77% of the stock is owned by institutional investors.

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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