Tang Capital Management LLC Sells 500,000 Shares of CytomX Therapeutics, Inc. (NASDAQ:CTMX)

Tang Capital Management LLC lessened its stake in CytomX Therapeutics, Inc. (NASDAQ:CTMX - Free Report) by 6.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,311,760 shares of the biotechnology company's stock after selling 500,000 shares during the period. Tang Capital Management LLC owned about 9.34% of CytomX Therapeutics worth $7,531,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Prosight Management LP lifted its position in shares of CytomX Therapeutics by 29.2% in the 4th quarter. Prosight Management LP now owns 3,905,000 shares of the biotechnology company's stock worth $4,022,000 after buying an additional 882,891 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of CytomX Therapeutics by 25.8% in the fourth quarter. Millennium Management LLC now owns 3,221,012 shares of the biotechnology company's stock valued at $3,318,000 after acquiring an additional 660,756 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of CytomX Therapeutics during the 4th quarter valued at $2,730,000. Jacobs Levy Equity Management Inc. raised its position in CytomX Therapeutics by 1.5% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,547,215 shares of the biotechnology company's stock worth $1,594,000 after acquiring an additional 23,139 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC raised its holdings in shares of CytomX Therapeutics by 13.9% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 1,380,800 shares of the biotechnology company's stock worth $1,422,000 after purchasing an additional 169,000 shares in the last quarter. Institutional investors and hedge funds own 67.77% of the company's stock.

Wall Street Analysts Forecast Growth

CTMX has been the subject of several analyst reports. Piper Sandler upped their target price on CytomX Therapeutics from $2.50 to $5.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Wedbush reissued an "outperform" rating and issued a $6.00 price target (up previously from $5.00) on shares of CytomX Therapeutics in a research note on Monday, May 12th. HC Wainwright raised shares of CytomX Therapeutics from a "neutral" rating to a "buy" rating and set a $5.00 target price on the stock in a research report on Thursday, May 15th. Finally, Wall Street Zen raised shares of CytomX Therapeutics from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th.

CytomX Therapeutics Stock Up 4.1%

CytomX Therapeutics stock traded up $0.09 during mid-day trading on Friday, reaching $2.22. The company had a trading volume of 1,274,850 shares, compared to its average volume of 2,106,631. The company has a 50 day moving average of $0.94 and a 200-day moving average of $0.92. CytomX Therapeutics, Inc. has a 52 week low of $0.40 and a 52 week high of $2.55. The firm has a market cap of $178.74 million, a price-to-earnings ratio of 12.76 and a beta of 1.11.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The biotechnology company reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.18 by $0.09. CytomX Therapeutics had a net margin of 10.96% and a negative return on equity of 41.47%. The firm had revenue of $50.92 million for the quarter, compared to the consensus estimate of $35.42 million. During the same quarter in the previous year, the company earned $0.17 earnings per share. On average, analysts predict that CytomX Therapeutics, Inc. will post -0.05 earnings per share for the current fiscal year.

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.