CytomX Therapeutics (NASDAQ:CTMX) Stock Price Passes Below 50 Day Moving Average - What's Next?

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.

CytomX Therapeutics, Inc. (NASDAQ:CTMX - Get Free Report)'s stock price crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-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.

Wall Street Analysts Forecast Growth

Separately, Oppenheimer initiated coverage on shares of CytomX Therapeutics in a research note on Thursday, July 31st. They issued an "outperform" rating and a $7.00 price objective for the company. Four research analysts have rated the stock with a Buy rating, According to data from MarketBeat, CytomX Therapeutics currently has a consensus rating of "Buy" and a consensus price target of $5.75.

CytomX Therapeutics Trading Down 3.3%

The company has a market capitalization of $317.45 million, a PE ratio of 3.44 and a beta of 2.18. The firm's 50-day simple moving average is $2.20 and its 200-day simple moving average is $1.69.

Institutional Investors Weigh In On CytomX Therapeutics

Several large investors have recently modified their holdings of the business. Orbimed Advisors LLC bought a new stake in shares of CytomX Therapeutics in the 2nd quarter valued at about $19,208,000. Commodore Capital LP bought a new stake in shares of CytomX Therapeutics in the 2nd quarter valued at about $17,462,000. Perceptive Advisors LLC bought a new stake in shares of CytomX Therapeutics in the 2nd quarter valued at about $15,876,000. Franklin Resources Inc. bought a new stake in shares of CytomX Therapeutics in the 2nd quarter valued at about $13,096,000. Finally, Vivo Capital LLC bought a new stake in shares of CytomX Therapeutics in the 2nd quarter valued at about $13,096,000. Institutional investors own 67.77% of the company's stock.

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.