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

Key Points

• CytomX Therapeutics shares hit a new 52-week low of $2.18 and last traded at $2.22, down 4.3% from the prior close, with the stock below its 50-day and 200-day moving averages.
• The company reported a quarterly loss of $0.09 per share, missing estimates by $0.01, while revenue of $1.42 million fell well short of the $12.39 million consensus forecast.
• Analyst views remain mixed: some firms downgraded the stock or cut price targets, but the overall consensus remains “Moderate Buy” with a $11.90 target price; institutional investors own 67.77% of shares.

Shares of CytomX Therapeutics, Inc. (NASDAQ:CTMX - Get Free Report) reached a new 52-week low on Monday. The company traded as low as $2.18 and last traded at $2.22, with a volume of 5,207,224 shares traded. The stock had previously closed at $2.32.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Wall Street Zen lowered CytomX Therapeutics from a "hold" rating to a "sell" rating in a research report on Sunday, August 23rd. Weiss Ratings restated a "sell (d)" rating on shares of CytomX Therapeutics in a research report on Friday, September 11th. Zacks Research lowered CytomX Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 19th. JPMorgan Chase & Co. reduced their price target on CytomX Therapeutics from $12.00 to $11.00 and set an "overweight" rating on the stock in a research note on Thursday, August 13th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, CytomX Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $11.90.

CytomX Therapeutics Stock Down 4.3%

The business has a 50 day moving average price of $2.94 and a 200 day moving average price of $3.92.

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 the consensus estimate 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 firm had revenue of $1.42 million during the quarter, compared to the consensus estimate of $12.39 million. As a group, equities research analysts anticipate that CytomX Therapeutics, Inc. will post -0.40 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CTMX. Lido Advisors LLC purchased a new position in CytomX Therapeutics in the 1st quarter worth about $49,000. GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in CytomX Therapeutics during the 1st quarter valued at about $52,000. Nierenberg Investment Management Company LLC bought a new position in CytomX Therapeutics during the 2nd quarter valued at about $47,081. Integrated Wealth Concepts LLC purchased a new stake in shares of CytomX Therapeutics during the 2nd quarter valued at about $47,000. Finally, TRB Wealth Management LLC purchased a new stake in shares of CytomX Therapeutics during the 2nd quarter valued at about $50,000. Hedge funds and other institutional investors own 67.77% of the company's stock.

About CytomX Therapeutics

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.

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