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

Key Points

• CytomX Therapeutics shares hit a new 52-week low of $2.66 and last traded near $2.70, below their 50-day and 200-day moving averages.
• Analyst sentiment remains mixed: several firms downgraded the stock or cut price targets, yet the consensus rating is still “Moderate Buy” with an average target of $11.90.
• The company recently missed quarterly earnings and revenue estimates, reporting a $0.09 per-share loss and $1.42 million in revenue, while institutional investors own 67.77% of its stock.

CytomX Therapeutics, Inc. (NASDAQ:CTMX - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Friday. The company traded as low as $2.66 and last traded at $2.6980, with a volume of 550093 shares trading hands. The stock had previously closed at $2.75.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CTMX. Wall Street Zen cut shares of CytomX Therapeutics from a "hold" rating to a "sell" rating in a research report on Sunday, August 23rd. Weiss Ratings reissued a "sell (d)" rating on shares of CytomX Therapeutics in a report on Friday, September 11th. Guggenheim dropped their price target on CytomX Therapeutics from $15.00 to $14.00 and set a "buy" rating for the company in a research report on Monday, August 10th. Zacks Research downgraded CytomX Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 19th. Finally, JPMorgan Chase & Co. decreased their price objective on CytomX Therapeutics from $12.00 to $11.00 and set an "overweight" rating on the stock in a report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, CytomX Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $11.90.

CytomX Therapeutics Price Performance

The stock has a 50 day simple moving average of $3.30 and a two-hundred day simple moving average of $3.74. The company has a market cap of $585.06 million, a price-to-earnings ratio of -5.37 and a beta of 2.14.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last issued its earnings results on Thursday, August 6th. The biotechnology company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.01). The company had revenue of $1.42 million during the quarter, compared to analyst estimates of $12.39 million. CytomX Therapeutics had a negative return on equity of 38.46% and a negative net margin of 435.21%. As a group, research analysts forecast that CytomX Therapeutics, Inc. will post -0.4 EPS for the current year.

Institutional Trading of CytomX Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Lido Advisors LLC acquired a new stake in shares of CytomX Therapeutics during the first quarter worth about $49,000. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in CytomX Therapeutics during the 1st quarter worth approximately $52,000. Nierenberg Investment Management Company LLC purchased a new position in CytomX Therapeutics in the 2nd quarter valued at approximately $47,081. Integrated Wealth Concepts LLC purchased a new position in CytomX Therapeutics in the 2nd quarter valued at approximately $47,000. Finally, TRB Wealth Management LLC acquired a new stake in shares of CytomX Therapeutics in the second quarter valued at $50,000. Institutional investors and hedge funds own 67.77% of the company's stock.

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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