CytomX Therapeutics (NASDAQ:CTMX) Shares Pass Below 50 Day Moving Average - Here's What Happened

Key Points

• CytomX Therapeutics shares have fallen below their 50-day moving average, currently trading at $2.19 compared to a moving average of $2.41.
• Analysts are optimistic about the company, with several raising their price targets, including Oppenheimer setting a target of $7.00 and HC Wainwright increasing their target to $5.00.
• The company reported earnings of $0.27 per share for the last quarter, exceeding estimates and reflecting a substantial revenue increase from $35.42 million to $50.92 million.

CytomX Therapeutics, Inc. (NASDAQ:CTMX - Get Free Report)'s share price crossed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $2.41 and traded as low as $2.19. CytomX Therapeutics shares last traded at $2.19, with a volume of 1,533,692 shares traded.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CTMX shares. Oppenheimer started coverage on shares of CytomX Therapeutics in a research note on Thursday. They issued an "outperform" rating and a $7.00 price target on the stock. Wall Street Zen upgraded shares of CytomX Therapeutics from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. Piper Sandler raised their price target on shares of CytomX Therapeutics from $2.50 to $5.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. HC Wainwright upgraded CytomX Therapeutics from a "neutral" rating to a "buy" rating and set a $5.00 price target on the stock in a report on Thursday, May 15th. Finally, 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. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $5.75.

CytomX Therapeutics Trading Down 5.6%

The company has a 50-day moving average price of $2.41 and a two-hundred day moving average price of $1.39. The stock has a market capitalization of $176.56 million, a P/E ratio of 4.56 and a beta of 2.05.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The biotechnology company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.09. CytomX Therapeutics had a net margin of 28.22% and a negative return on equity of 553.71%. The firm had revenue of $50.92 million for the quarter, compared to analyst estimates of $35.42 million. During the same quarter in the prior year, the business earned $0.17 earnings per share. Research analysts forecast that CytomX Therapeutics, Inc. will post -0.05 earnings per share for the current year.

Hedge Funds Weigh In On CytomX Therapeutics

Institutional investors have recently made changes to their positions in the stock. Vanguard Personalized Indexing Management LLC lifted its stake in shares of CytomX Therapeutics by 63.6% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 28,966 shares of the biotechnology company's stock valued at $66,000 after buying an additional 11,258 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in CytomX Therapeutics by 1.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 720,020 shares of the biotechnology company's stock worth $1,634,000 after acquiring an additional 8,566 shares during the last quarter. Goldman Sachs Group Inc. purchased a new position in CytomX Therapeutics during the 1st quarter worth $39,000. Acadian Asset Management LLC boosted its holdings in CytomX Therapeutics by 3.1% during the 1st quarter. Acadian Asset Management LLC now owns 3,234,035 shares of the biotechnology company's stock worth $2,053,000 after acquiring an additional 96,989 shares during the last quarter. Finally, Woodline Partners LP purchased a new position in CytomX Therapeutics during the 1st quarter worth $1,054,000. Institutional investors and hedge funds 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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