CytomX Therapeutics (NASDAQ:CTMX) Sets New 1-Year Low – Here’s What Happened

CytomX Therapeutics, Inc. (NASDAQ:CTMX) hit a new 52-week low during mid-day trading on Monday. The company traded as low as $2.14 and last traded at $2.23, with a volume of 9,469,881 shares changing hands. The stock had previously closed at $2.34.

Analysts Set New Price Targets

CTMX has been the topic of several analyst reports. Wall Street Zen lowered shares of CytomX Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, August 23rd. Weiss Ratings reissued a “sell (d)” rating on shares of CytomX Therapeutics in a report on Friday, September 11th. JPMorgan Chase & Co. cut their price target on shares of CytomX Therapeutics from $12.00 to $11.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. Cantor Fitzgerald restated an “overweight” rating on shares of CytomX Therapeutics in a research report on Tuesday, October 13th. Finally, Zacks Research cut shares of CytomX Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $11.90.

CytomX Therapeutics Price Performance

The business has a 50 day simple moving average of $2.76 and a 200 day simple moving average of $3.84.

CytomX Therapeutics (NASDAQ:CTMX) last announced its earnings results on Thursday, August 6th. The biotechnology company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.42 million during the quarter, compared to analyst estimates of $12.39 million. Sell-side analysts expect that CytomX Therapeutics, Inc. will post -0.40 EPS for the current year.

Hedge Funds Weigh In On CytomX Therapeutics

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of CytomX Therapeutics during the second quarter valued at approximately $65,849,000. Bank of America Corp DE bought a new position in CytomX Therapeutics in the 2nd quarter worth approximately $56,560,000. Perceptive Advisors LLC raised its position in CytomX Therapeutics by 4.3% in the 1st quarter. Perceptive Advisors LLC now owns 10,098,824 shares of the biotechnology company’s stock worth $47,464,000 after purchasing an additional 418,639 shares during the last quarter. Elmind Capital LP raised its position in CytomX Therapeutics by 550.0% in the 1st quarter. Elmind Capital LP now owns 4,550,000 shares of the biotechnology company’s stock worth $21,385,000 after purchasing an additional 3,850,000 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in 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 buying an additional 1,585,976 shares in the last quarter. 67.77% of the stock is owned by institutional investors.

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.