CytomX Therapeutics (NASDAQ:CTMX) Trading Up 6.7% – Time to Buy?

CytomX Therapeutics, Inc. (NASDAQ:CTMX) shares were up 6.7% during mid-day trading on Tuesday . The stock traded as high as $3.52 and last traded at $3.5850. Approximately 811,607 shares traded hands during trading, a decline of 83% from the average daily volume of 4,810,700 shares. The stock had previously closed at $3.36.

Analysts Set New Price Targets

A number of research firms recently issued reports on CTMX. Wolfe Research began coverage on CytomX Therapeutics in a report on Tuesday, May 19th. They issued an “outperform” rating and a $6.00 target price for the company. Weiss Ratings reissued a “sell (d)” rating on shares of CytomX Therapeutics in a report on Tuesday, June 16th. JPMorgan Chase & Co. cut their price target on CytomX Therapeutics from $12.00 to $11.00 and set an “overweight” rating on the stock in a research note on Thursday, August 13th. Wall Street Zen downgraded CytomX Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, August 23rd. Finally, HC Wainwright lowered their price objective on CytomX Therapeutics from $17.00 to $11.00 and set a “buy” rating for the company in a research report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, CytomX Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $11.90.

CytomX Therapeutics Stock Performance

The company’s 50-day simple moving average is $3.46 and its 200-day simple moving average is $4.00. The company has a market capitalization of $784.44 million, a PE ratio of -7.20 and a beta of 2.12.

CytomX Therapeutics (NASDAQ:CTMX) last posted its quarterly earnings data on Thursday, August 6th. The biotechnology company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.01). CytomX Therapeutics had a negative net margin of 435.21% and a negative return on equity of 38.46%. The company had revenue of $1.42 million for the quarter, compared to analysts’ expectations of $12.39 million. Analysts expect that CytomX Therapeutics, Inc. will post -0.4 EPS for the current year.

Hedge Funds Weigh In On CytomX Therapeutics

A number of large investors have recently modified their holdings of the business. Wells Fargo & Company MN increased its holdings in shares of CytomX Therapeutics by 83.2% in the 4th 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. acquired a new stake in shares of CytomX Therapeutics during the 2nd quarter worth about $32,000. Goldman Sachs Group Inc. purchased a new stake in CytomX Therapeutics in the 1st quarter worth approximately $39,000. May Hill Capital LLC purchased a new stake in shares of CytomX Therapeutics in the fourth quarter valued at $46,000. Finally, Nierenberg Investment Management Company LLC purchased a new position in shares of CytomX Therapeutics during the 2nd quarter worth about $47,081. 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 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.