CytomX Therapeutics (NASDAQ:CTMX) Stock Price Down 8.7% - Here's Why

Key Points

• CytomX Therapeutics shares fell 8.7% to about $2.69, with trading volume roughly 55% below the average session volume.
• Analyst sentiment has weakened, including downgrades from Wall Street Zen and Zacks Research, although the overall consensus remains “Moderate Buy” with an average price target of $11.90.
• The company reported a quarterly EPS loss of $0.09 versus expectations of a $0.08 loss, while revenue of $1.42 million fell well short of the $12.39 million consensus estimate.

CytomX Therapeutics, Inc. (NASDAQ:CTMX - Get Free Report)'s share price traded down 8.7% on Wednesday . The company traded as low as $2.71 and last traded at $2.6850. Approximately 2,156,274 shares were traded during mid-day trading, a decline of 55% from the average session volume of 4,824,577 shares. The stock had previously closed at $2.94.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CTMX shares. Wall Street Zen downgraded shares of CytomX Therapeutics from a "hold" rating to a "sell" rating in a report on Sunday, August 23rd. Zacks Research downgraded CytomX Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 19th. Weiss Ratings restated a "sell (d)" rating on shares of CytomX Therapeutics in a research note on Friday, September 11th. Guggenheim cut their price target on CytomX Therapeutics from $15.00 to $14.00 and set a "buy" rating for the company in a report on Monday, August 10th. Finally, JPMorgan Chase & Co. lowered their price objective on CytomX Therapeutics from $12.00 to $11.00 and set an "overweight" rating on the stock in a research report 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 given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $11.90.

CytomX Therapeutics Stock Performance

The firm has a 50 day moving average price of $3.34 and a two-hundred day moving average price of $3.77. The company has a market capitalization of $605.11 million, a P/E ratio of -5.49 and a beta of 2.14.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last posted its earnings results on Thursday, August 6th. The biotechnology company reported ($0.09) 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 company had revenue of $1.42 million for the quarter, compared to the consensus estimate of $12.39 million. On average, equities analysts expect that CytomX Therapeutics, Inc. will post -0.4 earnings per share for the current year.

Institutional Inflows and Outflows

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

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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