CytomX Therapeutics (NASDAQ:CTMX) Reaches New 52-Week Low - Time to Sell?

Key Points

• CytomX Therapeutics shares fell 3.7% to a new 52-week low of $2.32, below its 50-day and 200-day moving averages.
• The company missed quarterly expectations, reporting a loss of $0.09 per share versus an expected loss of $0.08 and revenue of $1.42 million versus $12.39 million forecast.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and an average price target of $11.90; institutional investors own 67.77% of the stock.

CytomX Therapeutics, Inc. (NASDAQ:CTMX - Get Free Report)'s stock price hit a new 52-week low on Wednesday. The company traded as low as $2.32 and last traded at $2.33, with a volume of 5,223,013 shares trading hands. The stock had previously closed at $2.42.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Wall Street Zen lowered CytomX Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday, August 23rd. Cantor Fitzgerald restated an "overweight" rating on shares of CytomX Therapeutics in a research note on Tuesday. Zacks Research downgraded shares of CytomX Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 19th. JPMorgan Chase & Co. lowered their target price on shares of CytomX Therapeutics from $12.00 to $11.00 and set an "overweight" rating on the stock in a report on Thursday, August 13th. Finally, Guggenheim dropped their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $11.90.

CytomX Therapeutics Stock Down 3.7%

The business's 50 day moving average price is $3.11 and its 200-day moving average price is $3.53.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The biotechnology company reported ($0.09) EPS for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.01). CytomX Therapeutics had a negative return on equity of 38.46% and a negative net margin of 435.21%. The business had revenue of $1.42 million for the quarter, compared to the consensus estimate of $12.39 million. On average, sell-side analysts forecast that CytomX Therapeutics, Inc. will post -0.40 EPS for the current fiscal year.

Hedge Funds Weigh In On CytomX Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of CTMX. BlackRock Inc. bought a new stake in shares of CytomX Therapeutics during the second quarter worth $65,849,000. Bank of America Corp DE bought a new position in shares of CytomX Therapeutics in the second quarter valued at about $56,560,000. Perceptive Advisors LLC raised its holdings in shares of CytomX Therapeutics by 4.3% in the first quarter. Perceptive Advisors LLC now owns 10,098,824 shares of the biotechnology company's stock valued at $47,464,000 after buying an additional 418,639 shares during the last quarter. Elmind Capital LP raised its holdings in shares of CytomX Therapeutics by 550.0% in the first quarter. Elmind Capital LP now owns 4,550,000 shares of the biotechnology company's stock valued at $21,385,000 after buying an additional 3,850,000 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in CytomX Therapeutics by 44.3% during the 2nd quarter. Wellington Management Group LLP now owns 5,168,961 shares of the biotechnology company's stock worth $19,384,000 after buying an additional 1,585,976 shares in the last quarter. 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 antibody-based medicines for cancer and other serious diseases. The company's technology is designed to keep therapeutic antibodies inactive in healthy tissue and activate them in disease sites, particularly within the tumor microenvironment, with the goal of improving treatment precision and reducing systemic toxicity.

CytomX's Probody Therapeutics platform uses conditionally activated antibodies and related molecules.

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