CytomX Therapeutics (NASDAQ:CTMX) Stock Price Up 6.1% - Still a Buy?

Key Points

• CytomX Therapeutics shares rose 6.1% to about $2.86, despite trading below their 50-day and 200-day moving averages of $3.43 and $3.85, respectively.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an $11.90 price target, although some firms recently lowered their targets or downgraded the stock.
• The company reported weak quarterly results, including a $0.09-per-share loss versus an expected $0.08 loss and revenue of $1.42 million versus estimates of $12.39 million. Institutional investors own approximately 67.77% of the stock.

Shares of CytomX Therapeutics, Inc. (NASDAQ:CTMX - Get Free Report) rose 6.1% during mid-day trading on Wednesday . The stock traded as high as $2.86 and last traded at $2.8550. Approximately 2,458,067 shares were traded during trading, a decline of 49% from the average daily volume of 4,787,410 shares. The stock had previously closed at $2.69.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CTMX shares. JPMorgan Chase & Co. cut their price target 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. Wall Street Zen lowered shares of CytomX Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday, August 23rd. Guggenheim decreased their target price 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 downgraded CytomX Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 19th. Finally, Wolfe Research assumed coverage on CytomX Therapeutics in a report on Tuesday, May 19th. They set an "outperform" rating and a $6.00 target price for the company. One 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, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.90.

CytomX Therapeutics Trading Up 5.8%

The stock has a market capitalization of $619.93 million, a price-to-earnings ratio of -5.61 and a beta of 2.14. The firm has a 50-day moving average of $3.43 and a 200 day moving average of $3.85.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The biotechnology company reported ($0.09) earnings per share (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 analyst estimates of $12.39 million. Equities research analysts predict that CytomX Therapeutics, Inc. will post -0.4 EPS for the current fiscal year.

Institutional Investors Weigh In On CytomX Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of CytomX Therapeutics during the 2nd quarter valued at $65,849,000. Bank of America Corp DE bought a new position in shares of CytomX Therapeutics during the 2nd quarter valued at about $56,560,000. Perceptive Advisors LLC lifted its stake in CytomX Therapeutics by 4.3% during the first quarter. Perceptive Advisors LLC now owns 10,098,824 shares of the biotechnology company's stock valued at $47,464,000 after purchasing an additional 418,639 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of CytomX Therapeutics by 44.3% in the second quarter. Wellington Management Group LLP now owns 5,168,961 shares of the biotechnology company's stock valued at $19,384,000 after buying an additional 1,585,976 shares in the last quarter. Finally, Elmind Capital LP lifted its position in shares of CytomX Therapeutics by 550.0% during the 1st quarter. Elmind Capital LP now owns 4,550,000 shares of the biotechnology company's stock valued at $21,385,000 after acquiring an additional 3,850,000 shares during the last quarter. Institutional investors own 67.77% of the company's stock.

About CytomX Therapeutics

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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