Traders Buy Large Volume of Put Options on CytomX Therapeutics (NASDAQ:CTMX)

Key Points

• Unusual options activity: Traders bought 8,402 put options on CytomX Therapeutics, roughly 186% above the average daily put volume, signaling heightened bearish sentiment or hedging activity.
• Stock pressure despite analyst support: CTMX shares fell 3.4% to $3.56, even as multiple analysts maintain bullish views and the consensus rating remains Moderate Buy with an average target price of $12.10.
• Recent results beat expectations: CytomX reported quarterly EPS of -$0.10, better than estimates, and revenue of $10.26 million, also above expectations, though the company remains unprofitable and analysts expect a full-year loss.

CytomX Therapeutics, Inc. (NASDAQ:CTMX - Get Free Report) was the recipient of some unusual options trading activity on Thursday. Stock investors purchased 8,402 put options on the company. This represents an increase of approximately 186% compared to the average daily volume of 2,936 put options.

Institutional Investors Weigh In On CytomX Therapeutics

Several large investors have recently made changes to their positions in CTMX. Wells Fargo & Company MN raised its position in CytomX Therapeutics by 83.2% during the fourth quarter. Wells Fargo & Company MN now owns 6,605 shares of the biotechnology company's stock worth $28,000 after acquiring an additional 3,000 shares in the last quarter. Invesco Ltd. bought a new stake in shares of CytomX Therapeutics during the 2nd quarter worth about $32,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of CytomX Therapeutics during the fourth quarter worth approximately $35,000. Goldman Sachs Group Inc. acquired a new position in CytomX Therapeutics in the 1st quarter valued at $39,000. Finally, May Hill Capital LLC bought a new position in CytomX Therapeutics during the 4th quarter worth $46,000. Institutional investors and hedge funds own 67.77% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CTMX shares. Jefferies Financial Group boosted their price target on shares of CytomX Therapeutics from $8.00 to $16.00 and gave the company a "buy" rating in a report on Wednesday, March 18th. Barclays raised their price target on CytomX Therapeutics from $10.00 to $16.00 and gave the stock an "overweight" rating in a research report on Thursday, March 19th. Wolfe Research initiated coverage on CytomX Therapeutics in a research report on Tuesday, May 19th. They issued an "outperform" rating and a $6.00 price objective for the company. HC Wainwright dropped their target price on shares of CytomX Therapeutics from $17.00 to $11.00 and set a "buy" rating on the stock in a report on Monday, May 11th. Finally, Wall Street Zen raised shares of CytomX Therapeutics from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $12.10.

CytomX Therapeutics Trading Down 3.4%

Shares of NASDAQ CTMX traded down $0.12 during midday trading on Thursday, reaching $3.56. The company's stock had a trading volume of 765,645 shares, compared to its average volume of 5,327,515. The stock has a 50 day simple moving average of $3.49 and a 200-day simple moving average of $4.39. The stock has a market capitalization of $605.03 million, a price-to-earnings ratio of -8.67 and a beta of 2.08. CytomX Therapeutics has a fifty-two week low of $1.72 and a fifty-two week high of $8.21.

CytomX Therapeutics (NASDAQ:CTMX - Get Free Report) last announced its earnings results on Thursday, May 7th. The biotechnology company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.04. CytomX Therapeutics had a negative net margin of 166.40% and a negative return on equity of 36.61%. The business had revenue of $10.26 million during the quarter, compared to analysts' expectations of $4.68 million. As a group, equities analysts anticipate that CytomX Therapeutics will post -0.45 EPS for the current year.

CytomX Therapeutics Company Profile

CytomX Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of next-generation therapeutics based on its proprietary Probody® platform. The company engineers masked antibody prodrugs that remain inactive in healthy tissue but are selectively activated in the tumor microenvironment. This approach is designed to enhance the safety and tolerability of antibody-based therapies, particularly those targeting immuno-oncology pathways.

At the core of CytomX's pipeline is Pacmilimab (CX-072), an anti–PD-L1 Probody therapeutic currently undergoing clinical evaluation for multiple solid tumor indications.

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