HC Wainwright Lowers CytomX Therapeutics (NASDAQ:CTMX) Price Target to $11.00

Key Points

• HC Wainwright cut its price target on CytomX Therapeutics from $17 to $11, though it kept a buy rating on the stock.
• Other analysts remain generally positive: JPMorgan upgraded CTMX to overweight, while the consensus rating is now Moderate Buy with an average price target of $12.78.
• CytomX reported better-than-expected quarterly results, including EPS of -$0.10 versus estimates of -$0.14 and revenue of $10.26 million versus expectations of $4.68 million.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) had its price target cut by equities researchers at HC Wainwright from $17.00 to $11.00 in a research report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the biotechnology company's stock. HC Wainwright's target price would suggest a potential upside of 176.38% from the stock's previous close.

A number of other research analysts have also weighed in on CTMX. JPMorgan Chase & Co. raised shares of CytomX Therapeutics from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $7.00 to $12.00 in a research note on Monday, March 16th. Wall Street Zen raised shares of CytomX Therapeutics from a "strong sell" rating to a "sell" rating in a research note on Saturday. Piper Sandler raised their price objective on shares of CytomX Therapeutics from $10.00 to $12.00 and gave the company an "overweight" rating in a research note on Monday, March 23rd. Jefferies Financial Group raised their price objective on shares of CytomX Therapeutics from $8.00 to $16.00 and gave the company a "buy" rating in a research note on Wednesday, March 18th. Finally, Cantor Fitzgerald raised their price objective on shares of CytomX Therapeutics from $6.00 to $10.00 and gave the company an "overweight" rating in a research note on Wednesday, February 4th. Nine research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, CytomX Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $12.78.

CytomX Therapeutics Stock Performance

NASDAQ:CTMX opened at $3.98 on Monday. The stock has a market capitalization of $677.34 million, a price-to-earnings ratio of -9.71 and a beta of 2.18. The firm has a fifty day simple moving average of $4.66 and a two-hundred day simple moving average of $4.53. CytomX Therapeutics has a 12 month low of $0.91 and a 12 month high of $8.21.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.10) EPS for the quarter, topping analysts' consensus estimates of ($0.14) by $0.04. The business had revenue of $10.26 million during the quarter, compared to analysts' expectations of $4.68 million. CytomX Therapeutics had a negative net margin of 166.40% and a negative return on equity of 54.37%. Equities analysts predict that CytomX Therapeutics will post -0.56 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Marcia Belvin sold 31,492 shares of the firm's stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $6.42, for a total transaction of $202,178.64. Following the transaction, the senior vice president directly owned 300,760 shares of the company's stock, valued at $1,930,879.20. This trade represents a 9.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Christopher Ogden sold 19,323 shares of the firm's stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $6.42, for a total transaction of $124,053.66. Following the transaction, the chief financial officer directly owned 296,948 shares in the company, valued at $1,906,406.16. The trade was a 6.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 191,063 shares of company stock valued at $1,226,624 over the last ninety days. Company insiders own 6.60% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CTMX. Orbimed Advisors LLC bought a new position in shares of CytomX Therapeutics during the second quarter valued at about $19,208,000. Commodore Capital LP purchased a new stake in CytomX Therapeutics during the second quarter worth about $17,462,000. Perceptive Advisors LLC purchased a new stake in CytomX Therapeutics during the second quarter worth about $15,876,000. State Street Corp increased its holdings in CytomX Therapeutics by 697.1% during the fourth quarter. State Street Corp now owns 5,140,931 shares of the biotechnology company's stock worth $21,900,000 after buying an additional 4,495,949 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new stake in CytomX Therapeutics during the second quarter worth about $6,505,000. 67.77% of the stock is owned by institutional investors.

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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