CytomX Therapeutics (NASDAQ:CTMX) Reaches New 52-Week Low - Here's What Happened

Key Points

• CytomX Therapeutics shares fell to a new 52-week low of $2.14, last trading at $2.23 on heavy volume of nearly 9.47 million shares.
• Analyst opinions remain mixed, but the stock carries a consensus “Moderate Buy” rating and an average price target of $11.90; recent reports included downgrades to “sell” and “hold.”
• The company reported a quarterly loss of $0.09 per share versus expectations of a $0.08 loss and revenue of $1.42 million, far below the $12.39 million estimate, while institutional investors own 67.77% of the stock.

CytomX Therapeutics, Inc. (NASDAQ:CTMX - Get Free Report) hit a new 52-week low on Monday. The stock traded as low as $2.14 and last traded at $2.23, with a volume of 9,469,881 shares. The stock had previously closed at $2.34.

Analyst Ratings Changes

CTMX has been the topic of a number of research analyst reports. Wall Street Zen lowered CytomX Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday, August 23rd. Guggenheim decreased their price objective on shares of CytomX Therapeutics from $15.00 to $14.00 and set a "buy" rating for the company in a research report on Monday, August 10th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of CytomX Therapeutics in a research report on Tuesday, October 13th. Weiss Ratings reiterated a "sell (d)" rating on shares of CytomX Therapeutics in a research note on Friday, September 11th. Finally, Zacks Research downgraded shares of CytomX Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, CytomX Therapeutics presently has a consensus rating of "Moderate Buy" and an average price target of $11.90.

CytomX Therapeutics Stock Performance

The stock has a 50-day simple moving average of $2.81 and a 200 day simple moving average of $3.86.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $1.42 million during the quarter, compared to analyst estimates of $12.39 million. Equities analysts forecast that CytomX Therapeutics, Inc. will post -0.40 earnings per share for the current year.

Hedge Funds Weigh In On CytomX Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in CytomX Therapeutics during the 2nd quarter valued at approximately $65,849,000. Bank of America Corp DE acquired a new stake in shares of CytomX Therapeutics in the second quarter worth $56,560,000. Elmind Capital LP purchased a new position in shares of CytomX Therapeutics during the second quarter worth $17,062,500. Siren L.L.C. purchased a new position in shares of CytomX Therapeutics during the first quarter worth $16,251,000. Finally, ADAR1 Capital Management LLC purchased a new position in shares of CytomX Therapeutics during the second quarter worth $12,619,000. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.