JPMorgan Chase & Co. Cuts CytomX Therapeutics (NASDAQ:CTMX) Price Target to $11.00

CytomX Therapeutics (NASDAQ:CTMX) had its target price reduced by JPMorgan Chase & Co. from $12.00 to $11.00 in a report released on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the biotechnology company’s stock.

CTMX has been the subject of several other reports. Weiss Ratings restated a “sell (d)” rating on shares of CytomX Therapeutics in a report on Tuesday, June 16th. Wolfe Research began coverage on shares of CytomX Therapeutics in a research note on Tuesday, May 19th. They set an “outperform” rating and a $6.00 target price on the stock. Guggenheim reduced 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. HC Wainwright decreased their price target on shares of CytomX Therapeutics from $17.00 to $11.00 and set a “buy” rating for the company in a research note on Monday, May 11th. Finally, Zacks Research raised shares of CytomX Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $11.90.

CytomX Therapeutics Stock Up 0.3%

Shares of CytomX Therapeutics stock opened at $3.36 on Thursday. The company has a market cap of $732.14 million, a PE ratio of -6.72 and a beta of 2.12. The business has a 50 day moving average of $3.37 and a 200 day moving average of $4.20. CytomX Therapeutics has a 52 week low of $1.77 and a 52 week high of $8.21.

CytomX Therapeutics (NASDAQ:CTMX) last announced its quarterly earnings results on Thursday, August 6th. The biotechnology company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). The business had revenue of $1.42 million during the quarter, compared to analysts’ expectations 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, research analysts anticipate that CytomX Therapeutics will post -0.4 earnings per share for the current year.

Institutional Investors Weigh In On CytomX Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wells Fargo & Company MN increased its stake in shares of CytomX Therapeutics by 83.2% during the fourth quarter. Wells Fargo & Company MN now owns 6,605 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 3,000 shares in the last quarter. Invesco Ltd. purchased a new position in shares of CytomX Therapeutics during the second quarter valued at approximately $32,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of CytomX Therapeutics in the 4th quarter worth approximately $35,000. Goldman Sachs Group Inc. bought a new stake in shares of CytomX Therapeutics in the 1st quarter worth approximately $39,000. Finally, May Hill Capital LLC purchased a new stake in shares of CytomX Therapeutics in the 4th quarter worth approximately $46,000. 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 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.