Bank of America Corp DE Acquires Shares of 15,082,617 CytomX Therapeutics, Inc. $CTMX

Key Points

• Bank of America acquired 15.08 million CytomX Therapeutics shares in the second quarter, worth approximately $56.6 million and representing a 6.92% stake. Institutional investors and hedge funds collectively own 67.77% of the company.
• CytomX reported weak quarterly results, with a $0.09 per-share loss versus the $0.08 expected and revenue of $1.42 million, far below the $12.39 million consensus estimate. Analysts project a full-year loss of $0.40 per share.
• CTMX shares opened at $2.76, well below their 52-week high of $8.21. Analyst views remain mixed, but the stock carries a “Moderate Buy” consensus rating and an average price target of $11.90.

Bank of America Corp DE bought a new stake in CytomX Therapeutics, Inc. (NASDAQ:CTMX - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 15,082,617 shares of the biotechnology company's stock, valued at approximately $56,560,000. Bank of America Corp DE owned 6.92% of CytomX Therapeutics as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Lido Advisors LLC acquired a new stake in CytomX Therapeutics in the first quarter worth about $49,000. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in CytomX Therapeutics during the 1st quarter valued at about $52,000. Nierenberg Investment Management Company LLC acquired a new position in CytomX Therapeutics during the 2nd quarter valued at about $47,081. TRB Wealth Management LLC bought a new position in shares of CytomX Therapeutics in the 2nd quarter valued at about $50,000. Finally, Pursue Wealth Partners LLC bought a new position in shares of CytomX Therapeutics in the 2nd quarter valued at about $54,000. Institutional investors and hedge funds own 67.77% of the company's stock.

CytomX Therapeutics Stock Performance

Shares of CTMX stock opened at $2.76 on Monday. The company has a market capitalization of $601.40 million, a P/E ratio of -5.52 and a beta of 2.14. The company's 50 day moving average price is $3.37 and its two-hundred day moving average price is $3.80. CytomX Therapeutics, Inc. has a 52 week low of $1.96 and a 52 week high of $8.21.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The biotechnology company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.01). The company had revenue of $1.42 million during the quarter, compared to analyst estimates of $12.39 million. CytomX Therapeutics had a negative net margin of 435.21% and a negative return on equity of 38.46%. Analysts forecast that CytomX Therapeutics, Inc. will post -0.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CTMX shares. JPMorgan Chase & Co. dropped their price target on shares of CytomX Therapeutics from $12.00 to $11.00 and set an "overweight" rating for the company in a research note on Thursday, August 13th. Weiss Ratings reiterated a "sell (d)" rating on shares of CytomX Therapeutics in a research report on Friday, September 11th. Wall Street Zen downgraded CytomX Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday, August 23rd. Guggenheim reduced their price target on CytomX Therapeutics from $15.00 to $14.00 and set a "buy" rating on the stock in a research report on Monday, August 10th. Finally, Zacks Research cut CytomX Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, CytomX Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $11.90.

CytomX Therapeutics Company Profile

CytomX Therapeutics, Inc NASDAQ: CTMX is a clinical-stage biopharmaceutical company focused on developing cancer therapies designed to selectively activate in the tumor microenvironment. The company's Probody therapeutic platform uses molecular masking technology intended to limit antibody activity in healthy tissue and enable activation by proteases that are more prevalent in tumors.

CytomX's pipeline includes investigational therapies spanning several modalities, including Probody drug conjugates, T-cell engagers and cytokine-based treatments.

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