CytomX Therapeutics, Inc. $CTMX Stake Lowered by Velan Capital Investment Management LP

Key Points

• Velan Capital cut its CytomX Therapeutics stake by 77.8% in the second quarter, selling 420,000 shares and retaining 120,000 shares worth approximately $450,000.
• Several major institutions—including BlackRock, Bank of America, Orbimed Advisors, Commodore Capital, and Perceptive Advisors—established new positions, while institutional investors collectively owned 67.77% of CTMX.
• CytomX reported a quarterly loss of $0.09 per share and revenue of $1.42 million, both slightly below estimates. Despite mixed analyst opinions, the stock carries a “Moderate Buy” consensus rating with an average price target of $11.90.

Velan Capital Investment Management LP trimmed its stake in shares of CytomX Therapeutics, Inc. (NASDAQ:CTMX - Free Report) by 77.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 120,000 shares of the biotechnology company's stock after selling 420,000 shares during the quarter. CytomX Therapeutics comprises 0.3% of Velan Capital Investment Management LP's portfolio, making the stock its 25th largest position. Velan Capital Investment Management LP owned approximately 0.06% of CytomX Therapeutics worth $450,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of CytomX Therapeutics during the second quarter valued at approximately $65,849,000. Bank of America Corp DE bought a new position in shares of CytomX Therapeutics during the 2nd quarter valued at about $56,560,000. Orbimed Advisors LLC acquired a new stake in shares of CytomX Therapeutics during the 2nd quarter valued at $19,208,000. Commodore Capital LP purchased a new position in CytomX Therapeutics in the 2nd quarter worth about $17,462,000. Finally, Perceptive Advisors LLC acquired a new position in shares of CytomX Therapeutics in the second quarter worth about $15,876,000. 67.77% of the stock is currently owned by institutional investors.

CytomX Therapeutics Stock Up 1.4%

Shares of CTMX stock opened at $3.72 on Thursday. The company has a market capitalization of $810.59 million, a P/E ratio of -7.44 and a beta of 2.14. CytomX Therapeutics, Inc. has a 12-month low of $1.90 and a 12-month high of $8.21. The firm has a 50-day moving average price of $3.48 and a 200 day moving average price of $3.98.

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 analysts' consensus estimates of ($0.08) by ($0.01). The business had revenue of $1.42 million for 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%. As a group, research analysts expect that CytomX Therapeutics, Inc. will post -0.4 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CTMX shares. Wolfe Research started coverage on CytomX Therapeutics in a research report on Tuesday, May 19th. They issued an "outperform" rating and a $6.00 target price for the company. Wall Street Zen downgraded shares of CytomX Therapeutics from a "hold" rating to a "sell" rating in a research report on Sunday, August 23rd. Weiss Ratings restated a "sell (d)" rating on shares of CytomX Therapeutics in a research note on Tuesday, June 16th. Guggenheim dropped their price objective on CytomX Therapeutics from $15.00 to $14.00 and set a "buy" rating on the stock in a research note on Monday, August 10th. Finally, JPMorgan Chase & Co. dropped their price target on CytomX Therapeutics from $12.00 to $11.00 and set an "overweight" rating on the stock in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $11.90.

About CytomX Therapeutics

CytomX Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of next-generation therapeutics based on its proprietary Probody® platform. The company engineers masked antibody prodrugs that remain inactive in healthy tissue but are selectively activated in the tumor microenvironment. This approach is designed to enhance the safety and tolerability of antibody-based therapies, particularly those targeting immuno-oncology pathways.

At the core of CytomX's pipeline is Pacmilimab (CX-072), an anti–PD-L1 Probody therapeutic currently undergoing clinical evaluation for multiple solid tumor indications.

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