CytomX Therapeutics (NASDAQ:CTMX) Stock Price Up 7% – Here’s Why

Shares of CytomX Therapeutics, Inc. (NASDAQ:CTMX) rose 7% during trading on Thursday. The stock traded as high as $2.40 and last traded at $2.3850. Approximately 500,549 shares were traded during trading, a decline of 89% from the average session volume of 4,693,170 shares. The stock had previously closed at $2.23.

Analysts Set New Price Targets

Several research firms have issued reports on CTMX. Guggenheim decreased their price target on shares of CytomX Therapeutics from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, August 10th. Wall Street Zen downgraded CytomX Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, August 23rd. JPMorgan Chase & Co. dropped their target price on shares of CytomX Therapeutics from $12.00 to $11.00 and set an “overweight” rating for the company in a research report on Thursday, August 13th. Weiss Ratings reissued a “sell (d)” rating on shares of CytomX Therapeutics in a report on Friday, September 11th. Finally, Zacks Research lowered CytomX Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, CytomX Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $11.90.

CytomX Therapeutics Price Performance

The company has a market cap of $519.69 million, a price-to-earnings ratio of -4.77 and a beta of 2.21. The firm has a 50-day moving average price of $3.09 and a 200 day moving average price of $3.52.

CytomX Therapeutics (NASDAQ:CTMX) 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). The business had revenue of $1.42 million for the quarter, compared to analyst estimates of $12.39 million. CytomX Therapeutics had a negative return on equity of 38.46% and a negative net margin of 435.21%. On average, equities analysts anticipate that CytomX Therapeutics, Inc. will post -0.40 EPS for the current fiscal year.

Institutional Investors Weigh In On CytomX Therapeutics

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

CytomX Therapeutics Company Profile

CytomX Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing antibody-based medicines for cancer and other serious diseases. The company’s technology is designed to keep therapeutic antibodies inactive in healthy tissue and activate them in disease sites, particularly within the tumor microenvironment, with the goal of improving treatment precision and reducing systemic toxicity.

CytomX’s Probody Therapeutics platform uses conditionally activated antibodies and related molecules.