CytomX Therapeutics (NASDAQ:CTMX) Shares Up 15.5% - Here's What Happened

Key Points

• CytomX Therapeutics shares experienced a significant increase of 15.5%, rising from a previous close of $3.20 to $3.70.
• Multiple brokerages have issued positive ratings for CytomX, with an average rating of "Buy" and a consensus price target of $5.42.
• Institutional investors own approximately 67.77% of CytomX's stock, indicating strong confidence in the company from larger investment firms.

CytomX Therapeutics, Inc. (NASDAQ:CTMX - Get Free Report) shares shot up 15.5% during trading on Monday . The company traded as high as $3.51 and last traded at $3.70. 1,304,903 shares were traded during mid-day trading, a decline of 61% from the average session volume of 3,333,074 shares. The stock had previously closed at $3.20.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CTMX. Oppenheimer began coverage on shares of CytomX Therapeutics in a research report on Thursday, July 31st. They issued an "outperform" rating and a $7.00 price objective for the company. Weiss Ratings raised shares of CytomX Therapeutics from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, October 8th. Cantor Fitzgerald began coverage on shares of CytomX Therapeutics in a research report on Monday, September 22nd. They issued an "overweight" rating and a $6.00 price objective for the company. Finally, Barclays began coverage on shares of CytomX Therapeutics in a research report on Wednesday, September 17th. They issued an "overweight" rating and a $3.50 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, CytomX Therapeutics has an average rating of "Buy" and a consensus price target of $5.42.

CytomX Therapeutics Trading Up 16.9%

The business's 50 day moving average price is $2.46 and its 200-day moving average price is $2.07. The company has a market cap of $616.76 million, a price-to-earnings ratio of 6.68 and a beta of 2.27.

Institutional Trading of CytomX Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. RA Capital Management L.P. acquired a new stake in CytomX Therapeutics in the 1st quarter worth about $636,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in CytomX Therapeutics in the 1st quarter worth about $62,000. Assenagon Asset Management S.A. raised its stake in CytomX Therapeutics by 1.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 720,020 shares of the biotechnology company's stock worth $1,634,000 after purchasing an additional 8,566 shares in the last quarter. Velan Capital Investment Management LP raised its stake in CytomX Therapeutics by 114.3% in the 1st quarter. Velan Capital Investment Management LP now owns 75,000 shares of the biotechnology company's stock worth $48,000 after purchasing an additional 40,000 shares in the last quarter. Finally, Miller Financial Services LLC raised its stake in CytomX Therapeutics by 104.0% in the 1st quarter. Miller Financial Services LLC now owns 51,000 shares of the biotechnology company's stock worth $32,000 after purchasing an additional 26,000 shares in the last quarter. 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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