CytomX Therapeutics (NASDAQ:CTMX) Shares Down 8.6% - Here's Why

Key Points

• CytomX Therapeutics shares fell 8.6% to about $2.93, with trading volume down 96% from the average daily level.
• The company’s latest quarterly results missed expectations, reporting a loss of $0.09 per share versus estimates of $0.08 and revenue of $1.42 million versus $12.39 million expected.
• Analyst views are mixed, but the stock retains a consensus “Moderate Buy” rating and an average price target of $11.90, substantially above its current price.

CytomX Therapeutics, Inc. (NASDAQ:CTMX - Get Free Report)'s stock price fell 8.6% during trading on Tuesday . The stock traded as low as $3.04 and last traded at $2.9250. 169,439 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 4,758,746 shares. The stock had previously closed at $3.20.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Wolfe Research initiated coverage on shares of CytomX Therapeutics in a research report on Tuesday, May 19th. They set an "outperform" rating and a $6.00 price objective on the stock. Wall Street Zen lowered CytomX Therapeutics from a "hold" rating to a "sell" rating in a report on Sunday, August 23rd. Zacks Research cut CytomX Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 19th. Guggenheim lowered their price target on CytomX Therapeutics from $15.00 to $14.00 and set a "buy" rating on the stock in a report on Monday, August 10th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of CytomX Therapeutics in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.90.

CytomX Therapeutics Price Performance

The firm's fifty day moving average is $3.46 and its 200 day moving average is $3.87. The firm has a market capitalization of $617.75 million, a price-to-earnings ratio of -5.67 and a beta of 2.14.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The biotechnology company reported ($0.09) earnings per share for the quarter, missing the consensus estimate 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 net margin of 435.21% and a negative return on equity of 38.46%. Equities research analysts forecast that CytomX Therapeutics, Inc. will post -0.4 EPS for the current fiscal year.

Institutional Trading of CytomX Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Engineers Gate Manager LP increased its position in CytomX Therapeutics by 182.0% during the second quarter. Engineers Gate Manager LP now owns 83,130 shares of the biotechnology company's stock worth $312,000 after buying an additional 53,653 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of CytomX Therapeutics in the second quarter worth about $47,000. Pale Fire Capital SE acquired a new stake in shares of CytomX Therapeutics in the second quarter worth about $86,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of CytomX Therapeutics by 16.0% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 219,779 shares of the biotechnology company's stock worth $824,000 after acquiring an additional 30,379 shares in the last quarter. Finally, Hsbc Holdings PLC bought a new stake in shares of CytomX Therapeutics during the 2nd quarter worth about $103,000. 67.77% of the stock is currently owned by hedge funds and other institutional investors.

CytomX Therapeutics Company Profile

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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