CytomX Therapeutics (NASDAQ:CTMX) Reaches New 12-Month Low - Here's What Happened

Key Points

• CytomX Therapeutics shares fell to a new 52-week low of $2.59, below its 50-day and 200-day moving averages, bringing its market capitalization to approximately $565 million.
• Analyst sentiment remains mixed: the stock has an overall “Moderate Buy” rating and an average price target of $11.90, despite recent target cuts and downgrades from several firms.
• The company missed quarterly expectations, reporting a loss of $0.09 per share versus a $0.08 estimate and revenue of $1.42 million versus $12.39 million expected. Institutional investors remain heavily involved, owning 67.77% of outstanding shares.

Shares of CytomX Therapeutics, Inc. (NASDAQ:CTMX - Get Free Report) hit a new 52-week low during mid-day trading on Friday. The stock traded as low as $2.59 and last traded at $2.5940, with a volume of 187596 shares. The stock had previously closed at $2.63.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Guggenheim decreased their price objective on CytomX Therapeutics from $15.00 to $14.00 and set a "buy" rating for the company in a report on Monday, August 10th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of CytomX Therapeutics in a report on Friday, September 11th. JPMorgan Chase & Co. reduced 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 report on Thursday, August 13th. Zacks Research cut shares of CytomX Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 19th. Finally, Wall Street Zen downgraded shares of CytomX Therapeutics from a "hold" rating to a "sell" rating in a research report on Sunday, August 23rd. 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 given a Sell rating to the stock. According to MarketBeat.com, CytomX Therapeutics presently has an average rating of "Moderate Buy" and an average price target of $11.90.

CytomX Therapeutics Trading Down 1.3%

The business has a 50 day moving average price of $3.23 and a 200-day moving average price of $3.66. The firm has a market capitalization of $565.45 million, a PE ratio of -5.17 and a beta of 2.21.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last posted 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). CytomX Therapeutics had a negative net margin of 435.21% and a negative return on equity of 38.46%. The business had revenue of $1.42 million during the quarter, compared to analysts' expectations of $12.39 million. On average, equities research analysts forecast that CytomX Therapeutics, Inc. will post -0.4 earnings per share for the current year.

Institutional Investors Weigh In On CytomX Therapeutics

Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in CytomX Therapeutics in the second quarter valued at about $65,849,000. Bank of America Corp DE purchased a new position in CytomX Therapeutics in the 2nd quarter valued at approximately $56,560,000. Elmind Capital LP acquired a new position in CytomX Therapeutics during the second quarter worth $17,062,500. Siren L.L.C. acquired a new position in CytomX Therapeutics during the first quarter worth $16,251,000. Finally, ADAR1 Capital Management LLC purchased a new stake in CytomX Therapeutics during the second quarter worth $12,619,000. 67.77% of the stock is currently owned by hedge funds and other institutional investors.

About CytomX Therapeutics

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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