CytomX Therapeutics (NASDAQ:CTMX) Reaches New 1-Year Low - What's Next?

Key Points

• CytomX shares hit a new 52-week low, falling about 9.6% to $1.98 after trading as low as $1.95.
• The company’s latest quarter missed expectations: adjusted EPS was a loss of $0.09 versus the expected $0.07 loss, while revenue of $1.69 million came in well below the $10.38 million forecast.
• Analyst sentiment remains broadly positive despite the share decline: MarketBeat reports a “Moderate Buy” consensus and a $12 average target, though some firms recently lowered their targets and one maintains a sell rating.

CytomX Therapeutics, Inc. (NASDAQ:CTMX - Get Free Report)'s stock price reached a new 52-week low on Monday. The company traded as low as $1.95 and last traded at $1.98, with a volume of 12,907,562 shares changing hands. The stock had previously closed at $2.19.

Wall Street Analyst Weigh In

A number of brokerages have commented on CTMX. JPMorgan Chase & Co. cut their price objective on shares of CytomX Therapeutics from $12.00 to $11.00 and set an "overweight" rating for the company in a research report on Thursday, August 13th. Weiss Ratings reiterated a "sell (d)" rating on shares of CytomX Therapeutics in a research report on Friday, September 11th. Guggenheim reduced their price target on CytomX Therapeutics from $15.00 to $14.00 and set a "buy" rating for the company in a report on Monday, August 10th. Wall Street Zen upgraded CytomX Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of CytomX Therapeutics in a research note on Tuesday, October 13th. One 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $12.00.

CytomX Therapeutics Stock Down 9.6%

The stock's fifty day moving average price is $2.69 and its 200-day moving average price is $3.80.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last released its quarterly earnings data on Thursday, November 5th. The biotechnology company reported ($0.09) EPS for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.02). CytomX Therapeutics had a negative return on equity of 38.46% and a negative net margin of 435.21%. The company had revenue of $1.69 million for the quarter, compared to analysts' expectations of $10.38 million. As a group, analysts forecast that CytomX Therapeutics, Inc. will post -0.40 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CytomX Therapeutics

Several institutional investors have recently modified their holdings of CTMX. Mirae Asset Global Investments Co. Ltd. purchased a new position in CytomX Therapeutics in the 3rd quarter valued at approximately $30,000. Almanack Investment Partners LLC. acquired a new position in CytomX Therapeutics during the third quarter worth $30,000. Integrated Wealth Concepts LLC purchased a new stake in CytomX Therapeutics during the second quarter worth $47,000. Nierenberg Investment Management Company LLC purchased a new stake in CytomX Therapeutics during the second quarter worth $47,081. Finally, Lido Advisors LLC purchased a new stake in CytomX Therapeutics during the first quarter worth $49,000. Hedge funds and other institutional investors own 67.77% of the company's stock.

CytomX Therapeutics Company Profile

CytomX Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing cancer medicines designed to be activated selectively within the tumor microenvironment. The company's approach is intended to improve the precision of treatment by limiting activity in healthy tissues while enabling therapeutic effects at tumor sites.

CytomX's research is based on its Probody therapeutic platform, which uses molecular masking and tumor-associated protease activity to conditionally activate antibody-based medicines.

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