CytomX Therapeutics (NASDAQ:CTMX) Stock Price Down 5.3% – Here’s Why

CytomX Therapeutics, Inc. (NASDAQ:CTMX)’s share price traded down 5.3% during trading on Wednesday . The stock traded as low as $5.13 and last traded at $5.0850. 805,958 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 3,147,521 shares. The stock had previously closed at $5.37.

Analyst Ratings Changes

Several brokerages have recently issued reports on CTMX. Wedbush reaffirmed an “outperform” rating and issued a $6.00 price objective on shares of CytomX Therapeutics in a research note on Friday, November 7th. Guggenheim assumed coverage on shares of CytomX Therapeutics in a report on Tuesday. They set a “buy” rating and a $10.00 target price for the company. Weiss Ratings upgraded shares of CytomX Therapeutics from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, October 8th. Piper Sandler increased their price objective on CytomX Therapeutics from $6.50 to $10.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, HC Wainwright raised their price objective on CytomX Therapeutics from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Tuesday, November 11th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.14.

CytomX Therapeutics Trading Down 2.9%

The firm’s 50-day simple moving average is $4.26 and its two-hundred day simple moving average is $3.25. The stock has a market capitalization of $941.18 million, a PE ratio of 13.89 and a beta of 2.42.

CytomX Therapeutics (NASDAQ:CTMX) last issued its earnings results on Thursday, November 6th. The biotechnology company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.05). The business had revenue of $5.96 million during the quarter, compared to analyst estimates of $11.50 million. CytomX Therapeutics had a return on equity of 44.49% and a net margin of 24.66%. As a group, research analysts expect that CytomX Therapeutics, Inc. will post -0.05 earnings per share for the current year.

Hedge Funds Weigh In On CytomX Therapeutics

A number of large investors have recently made changes to their positions in CTMX. Orbimed Advisors LLC acquired a new position in CytomX Therapeutics in the 2nd quarter valued at approximately $19,208,000. Commodore Capital LP purchased a new position in shares of CytomX Therapeutics during the 2nd quarter valued at $17,462,000. Perceptive Advisors LLC acquired a new position in shares of CytomX Therapeutics in the second quarter worth $15,876,000. Franklin Resources Inc. purchased a new stake in shares of CytomX Therapeutics during the second quarter worth $13,096,000. Finally, Vivo Capital LLC acquired a new stake in CytomX Therapeutics during the second quarter valued at $13,096,000. Institutional investors and hedge funds own 67.77% of the company’s stock.

About CytomX Therapeutics

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.