CytomX Therapeutics (NASDAQ:CTMX) Sets New 12-Month Low – Here’s What Happened

CytomX Therapeutics, Inc. (NASDAQ:CTMX)’s share price hit a new 52-week low on Monday. The company traded as low as $2.18 and last traded at $2.22, with a volume of 5,207,224 shares changing hands. The stock had previously closed at $2.32.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of CytomX Therapeutics in a report on Tuesday, October 13th. JPMorgan Chase & Co. cut 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. Guggenheim decreased their target price on shares of CytomX Therapeutics from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, August 10th. Wall Street Zen cut CytomX Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, August 23rd. Finally, Zacks Research cut CytomX Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.90.

CytomX Therapeutics Stock Performance

The stock has a 50 day simple moving average of $2.94 and a 200-day simple moving average of $3.92.

CytomX Therapeutics (NASDAQ:CTMX) last issued its quarterly earnings data on Thursday, August 6th. The biotechnology company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.01). CytomX Therapeutics had a negative return on equity of 38.46% and a negative net margin of 435.21%. The business had revenue of $1.42 million during the quarter, compared to the consensus estimate of $12.39 million. On average, equities research analysts anticipate that CytomX Therapeutics, Inc. will post -0.40 earnings per share for the current year.

Institutional Trading of CytomX Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE increased its holdings in CytomX Therapeutics by 1,064.3% during the first quarter. Bank of America Corp DE now owns 10,202,785 shares of the biotechnology company’s stock valued at $47,953,000 after buying an additional 9,326,480 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of CytomX Therapeutics during the 2nd quarter worth $531,000. Wellington Management Group LLP boosted its stake in shares of CytomX Therapeutics by 44.3% during the 2nd quarter. Wellington Management Group LLP now owns 5,168,961 shares of the biotechnology company’s stock worth $19,384,000 after acquiring an additional 1,585,976 shares during the last quarter. Stonepine Capital Management LLC purchased a new position in shares of CytomX Therapeutics during the 2nd quarter worth $768,750. Finally, BlackRock Inc. bought a new stake in shares of CytomX Therapeutics during the 2nd quarter valued at $65,849,000. 67.77% of the stock is owned by hedge funds and other institutional investors.

About CytomX Therapeutics

CytomX Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing cancer medicines designed to be activated selectively within the tumor microenvironment. The company’s approach is intended to improve the precision of treatment by limiting activity in healthy tissues while enabling therapeutic effects at tumor sites.

CytomX’s research is based on its Probody therapeutic platform, which uses molecular masking and tumor-associated protease activity to conditionally activate antibody-based medicines.