CytomX Therapeutics (NASDAQ:CTMX) Reaches New 12-Month High – Here’s Why

Shares of CytomX Therapeutics, Inc. (NASDAQ:CTMX) hit a new 52-week high during trading on Tuesday . The company traded as high as $3.79 and last traded at $3.74, with a volume of 6106233 shares. The stock had previously closed at $3.20.

Wall Street Analyst Weigh In

CTMX has been the subject of several recent analyst reports. Weiss Ratings upgraded CytomX Therapeutics from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, October 8th. Oppenheimer assumed coverage on CytomX Therapeutics in a report on Thursday, July 31st. They issued an “outperform” rating and a $7.00 price target for the company. Barclays assumed coverage on CytomX Therapeutics in a report on Wednesday, September 17th. They set an “overweight” rating and a $3.50 price objective on the stock. Finally, Cantor Fitzgerald initiated coverage on CytomX Therapeutics in a research note on Monday, September 22nd. They set an “overweight” rating and a $6.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $5.42.

CytomX Therapeutics Price Performance

The company has a fifty day moving average of $2.49 and a two-hundred day moving average of $2.09. The stock has a market capitalization of $616.76 million, a P/E ratio of 6.68 and a beta of 2.27.

Hedge Funds Weigh In On CytomX Therapeutics

Large investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC acquired a new position in CytomX Therapeutics in the third quarter worth $25,000. Invesco Ltd. acquired a new stake in shares of CytomX Therapeutics during the second quarter worth $32,000. Pursue Wealth Partners LLC bought a new position in shares of CytomX Therapeutics in the 2nd quarter worth about $33,000. Forefront Wealth Partners LLC bought a new position in shares of CytomX Therapeutics in the 3rd quarter worth about $58,000. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in shares of CytomX Therapeutics by 63.6% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 28,966 shares of the biotechnology company’s stock valued at $66,000 after buying an additional 11,258 shares during the period. 67.77% of the stock is currently owned by institutional investors.

About CytomX Therapeutics

CytomX Therapeutics, Inc, an oncology-focused biopharmaceutical company, focuses on developing novel conditionally activated biologics localized to the tumor microenvironment. The company utilizes conditional activation platform technology for oncology biologics research and development comprising the validation of targets for antibody-drug conjugates (ADCs), opening therapeutic window for novel T-cell engagers (TCEs) targeting solid tumors, and increasing the therapeutic index for immune modulators, such as cytokines; and PROBODY platform in preclinical research in areas outside of oncology.