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

Key Points

• CytomX Therapeutics shares have fallen below their 50-day moving average, currently trading at $2.07, down from a moving average of $2.22.
• Despite the recent decline, several Wall Street analysts maintain a positive outlook with a consensus rating of "Buy" and an average price target of $5.75.
• Institutional investors now hold approximately 67.77% of cytomX Therapeutics' stock, reflecting increased interest from hedge funds as they adjust their positions in the company.

Shares of CytomX Therapeutics, Inc. (NASDAQ:CTMX - Get Free Report) passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $2.22 and traded as low as $2.06. CytomX Therapeutics shares last traded at $2.07, with a volume of 1,566,552 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CTMX. Oppenheimer began coverage on shares of CytomX Therapeutics in a research note on Thursday, July 31st. They issued an "outperform" rating and a $7.00 price target on the stock. Piper Sandler increased 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. Finally, HC Wainwright upgraded shares of CytomX Therapeutics from a "neutral" rating to a "buy" rating and set a $5.00 price target on the stock in a research note on Thursday, May 15th. Four research analysts have rated the stock with a Buy rating, According to MarketBeat.com, CytomX Therapeutics has a consensus rating of "Buy" and an average price target of $5.75.

CytomX Therapeutics Price Performance

The firm has a market capitalization of $341.36 million, a PE ratio of 3.70 and a beta of 2.18. The business's 50-day moving average price is $2.22 and its 200-day moving average price is $1.64.

Hedge Funds Weigh In On CytomX Therapeutics

A number of hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC grew its position in shares of CytomX Therapeutics by 188.6% during the second quarter. Tower Research Capital LLC TRC now owns 29,661 shares of the biotechnology company's stock worth $67,000 after acquiring an additional 19,384 shares during the last quarter. Soleus Capital Management L.P. purchased a new position in shares of CytomX Therapeutics during the second quarter worth approximately $2,961,000. Perceptive Advisors LLC purchased a new position in shares of CytomX Therapeutics during the second quarter worth approximately $15,876,000. Lazard Asset Management LLC lifted its holdings in shares of CytomX Therapeutics by 5,208.3% during the second quarter. Lazard Asset Management LLC now owns 43,316 shares of the biotechnology company's stock worth $98,000 after purchasing an additional 42,500 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of CytomX Therapeutics during the second quarter worth $6,505,000. 67.77% of the stock is currently owned by hedge funds and other 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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