CytomX Therapeutics (NASDAQ:CTMX) Stock Gets Price Target Bump from Wedbush

CytomX Therapeutics (NASDAQ:CTMX) had its target price increased by equities research analysts at Wedbush from $11.00 to $12.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the biotechnology company’s stock. Wedbush‘s price target suggests a potential upside of 449.20% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Cantor Fitzgerald reissued an “overweight” rating on shares of CytomX Therapeutics in a report on Tuesday, October 13th. Guggenheim lowered 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. Zacks Research lowered shares of CytomX Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 19th. Wall Street Zen cut shares of CytomX Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, August 23rd. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of CytomX Therapeutics in a report on Friday, September 11th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, CytomX Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

CytomX Therapeutics Stock Performance

NASDAQ:CTMX traded up $0.04 during mid-day trading on Friday, hitting $2.19. 835,161 shares of the stock were exchanged, compared to its average volume of 4,662,844. The firm’s 50-day simple moving average is $2.74 and its 200 day simple moving average is $3.83. The stock has a market capitalization of $476.11 million, a price-to-earnings ratio of -4.37 and a beta of 2.23. CytomX Therapeutics has a fifty-two week low of $2.11 and a fifty-two week high of $8.21.

CytomX Therapeutics (NASDAQ:CTMX) last issued its quarterly earnings data on Thursday, November 5th. The biotechnology company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.02). The firm had revenue of $1.69 million during the quarter, compared to analyst estimates of $10.38 million. CytomX Therapeutics had a negative net margin of 435.21% and a negative return on equity of 38.46%. On average, analysts predict that CytomX Therapeutics will post -0.40 EPS for the current fiscal year.

Hedge Funds Weigh In On CytomX Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of CTMX. Bank of America Corp DE grew its position in CytomX Therapeutics by 1,064.3% in 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 acquiring an additional 9,326,480 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in CytomX Therapeutics in the 2nd quarter valued at approximately $531,000. Wellington Management Group LLP increased its holdings in CytomX Therapeutics by 44.3% in the second quarter. Wellington Management Group LLP now owns 5,168,961 shares of the biotechnology company’s stock valued at $19,384,000 after purchasing an additional 1,585,976 shares during the period. Stonepine Capital Management LLC bought a new position in shares of CytomX Therapeutics during the second quarter worth about $768,750. Finally, BlackRock Inc. bought a new position in CytomX Therapeutics during the 2nd quarter worth approximately $65,849,000. 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 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.