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

Key Points

• CytomX Therapeutics shares fell 4.1% to a new 52-week low of $2.46, well below their 50-day and 200-day moving averages.
• The company’s latest quarterly results missed expectations, reporting an adjusted loss of $0.09 per share versus estimates of $0.08 and revenue of $1.42 million versus $12.39 million expected.
• 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.

Shares of CytomX Therapeutics, Inc. (NASDAQ:CTMX - Get Free Report) hit a new 52-week low on Thursday. The stock traded as low as $2.46 and last traded at $2.4550, with a volume of 152325 shares traded. The stock had previously closed at $2.55.

Wall Street Analyst Weigh In

A number of research firms have commented on CTMX. Guggenheim decreased their price target on CytomX Therapeutics from $15.00 to $14.00 and set a "buy" rating for the company in a research note on Monday, August 10th. Zacks Research lowered CytomX Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 19th. Wall Street Zen downgraded shares of CytomX Therapeutics from a "hold" rating to a "sell" rating in a report on Sunday, August 23rd. Weiss Ratings reaffirmed a "sell (d)" rating on shares of CytomX Therapeutics in a research report on Friday, September 11th. Finally, JPMorgan Chase & Co. lowered their target price on shares of CytomX Therapeutics from $12.00 to $11.00 and set an "overweight" rating for the company in a research note on Thursday, August 13th. One investment 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 assigned a Sell rating to the company. Based on data from MarketBeat, CytomX Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $11.90.

CytomX Therapeutics Trading Down 4.1%

The stock has a 50-day simple moving average of $3.17 and a 200 day simple moving average of $3.58. The company has a market cap of $532.77 million, a price-to-earnings ratio of -4.92 and a beta of 2.21.

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. As a group, research analysts forecast that CytomX Therapeutics, Inc. will post -0.4 EPS for the current fiscal year.

Hedge Funds Weigh In On CytomX Therapeutics

Institutional investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of CytomX Therapeutics in the 2nd quarter valued at $65,849,000. Bank of America Corp DE purchased a new position in shares of CytomX Therapeutics during 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. acquired a new position in CytomX Therapeutics during the first quarter valued at $16,251,000. Finally, ADAR1 Capital Management LLC acquired a new position in CytomX Therapeutics during the second quarter valued at $12,619,000. 67.77% of the stock is owned by hedge funds and other institutional investors.

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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