CytomX Therapeutics (NASDAQ:CTMX) Shares Down 7% - Should You Sell?

Key Points

• CytomX Therapeutics' shares fell 7% on a recent trading day, dipping to a low of $3.20, with a significant decline in trading volume, down 84% from the average.
• A variety of brokerages have issued ratings on CytomX, with most analysts assigning a positive outlook, resulting in an average rating of "Buy" and a consensus price target of $5.42.
• Institutional investors hold 67.77% of CytomX's stock, and several firms have recently increased their stakes, indicating renewed interest despite the stock's recent drop.

CytomX Therapeutics, Inc. (NASDAQ:CTMX - Get Free Report)'s share price fell 7% on Friday . The company traded as low as $3.20 and last traded at $3.21. 538,165 shares were traded during trading, a decline of 84% from the average session volume of 3,344,499 shares. The stock had previously closed at $3.45.

Analyst Ratings Changes

A number of brokerages have weighed in on CTMX. Barclays initiated coverage on CytomX Therapeutics in a research note on Wednesday, September 17th. They set an "overweight" rating and a $3.50 price target on the stock. Oppenheimer assumed coverage on CytomX Therapeutics in a research report on Thursday, July 31st. They issued an "outperform" rating and a $7.00 price objective on the stock. Cantor Fitzgerald assumed coverage on shares of CytomX Therapeutics in a research note on Monday, September 22nd. They set an "overweight" rating and a $6.00 price target on the stock. Finally, Weiss Ratings upgraded CytomX Therapeutics from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday. 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's stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $5.42.

CytomX Therapeutics Stock Performance

The stock has a 50 day moving average of $2.34 and a 200 day moving average of $1.94. The stock has a market capitalization of $512.05 million, a P/E ratio of 5.51 and a beta of 2.27.

Hedge Funds Weigh In On CytomX Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. grew its stake in shares of CytomX Therapeutics by 18.6% in the first quarter. Assenagon Asset Management S.A. now owns 711,454 shares of the biotechnology company's stock worth $452,000 after purchasing an additional 111,604 shares in the last quarter. RA Capital Management L.P. bought a new position in CytomX Therapeutics in the 1st quarter valued at about $636,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in CytomX Therapeutics in the 1st quarter valued at about $62,000. Velan Capital Investment Management LP boosted its holdings in shares of CytomX Therapeutics by 114.3% in the first quarter. Velan Capital Investment Management LP now owns 75,000 shares of the biotechnology company's stock valued at $48,000 after acquiring an additional 40,000 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in shares of CytomX Therapeutics by 3.1% in the first quarter. Acadian Asset Management LLC now owns 3,234,035 shares of the biotechnology company's stock valued at $2,053,000 after acquiring an additional 96,989 shares in the last quarter. 67.77% of the stock is owned by institutional investors.

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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