CytomX Therapeutics (NASDAQ:CTMX) Rating Lowered to Neutral at Wedbush

CytomX Therapeutics (NASDAQ:CTMX) was downgraded by research analysts at Wedbush from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. They currently have a $8.00 price target on the biotechnology company’s stock, down from their prior price target of $25.00. Wedbush’s price objective indicates a potential upside of 48.70% from the company’s previous close. Wedbush also issued estimates for CytomX Therapeutics’ Q4 2019 earnings at ($0.29) EPS, FY2019 earnings at ($1.76) EPS, Q1 2020 earnings at ($0.55) EPS, Q2 2020 earnings at ($0.58) EPS, Q3 2020 earnings at ($0.47) EPS, Q4 2020 earnings at ($0.50) EPS, FY2020 earnings at ($2.10) EPS, FY2021 earnings at ($1.91) EPS, FY2022 earnings at ($2.01) EPS and FY2023 earnings at ($2.19) EPS.

Other equities analysts also recently issued reports about the company. Nomura reaffirmed a “buy” rating and issued a $22.00 target price on shares of CytomX Therapeutics in a research report on Sunday, August 11th. ValuEngine raised CytomX Therapeutics from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Mizuho reaffirmed a “buy” rating and issued a $16.00 target price on shares of CytomX Therapeutics in a research report on Monday, August 12th. Zacks Investment Research downgraded CytomX Therapeutics from a “buy” rating to a “hold” rating in a research report on Thursday, August 15th. Finally, BidaskClub downgraded CytomX Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $18.25.

NASDAQ CTMX opened at $5.38 on Monday. The company has a quick ratio of 4.40, a current ratio of 4.40 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average of $6.82 and a two-hundred day moving average of $9.36. CytomX Therapeutics has a 1-year low of $5.21 and a 1-year high of $19.75.

CytomX Therapeutics (NASDAQ:CTMX) last released its earnings results on Thursday, November 7th. The biotechnology company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.13). The firm had revenue of $10.71 million during the quarter, compared to analyst estimates of $23.58 million. CytomX Therapeutics had a negative net margin of 163.18% and a negative return on equity of 90.62%. On average, sell-side analysts forecast that CytomX Therapeutics will post -1.96 EPS for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of CytomX Therapeutics by 0.7% in the 2nd quarter. BlackRock Inc. now owns 3,890,049 shares of the biotechnology company’s stock valued at $43,647,000 after buying an additional 25,658 shares during the period. Vanguard Group Inc. boosted its stake in shares of CytomX Therapeutics by 10.8% in the 2nd quarter. Vanguard Group Inc. now owns 2,671,374 shares of the biotechnology company’s stock valued at $29,973,000 after buying an additional 259,355 shares during the period. Victory Capital Management Inc. boosted its stake in shares of CytomX Therapeutics by 20.0% in the 2nd quarter. Victory Capital Management Inc. now owns 1,985,990 shares of the biotechnology company’s stock valued at $22,283,000 after buying an additional 330,460 shares during the period. Renaissance Technologies LLC boosted its stake in shares of CytomX Therapeutics by 9.0% in the 2nd quarter. Renaissance Technologies LLC now owns 1,407,000 shares of the biotechnology company’s stock valued at $15,787,000 after buying an additional 116,400 shares during the period. Finally, Nuveen Asset Management LLC purchased a new position in shares of CytomX Therapeutics in the 2nd quarter valued at about $8,352,000. Institutional investors and hedge funds own 78.74% of the company’s stock.

About CytomX Therapeutics

CytomX Therapeutics, Inc operates as an oncology-focused biopharmaceutical company in the United States. The company develops a novel class of investigational antibody therapeutics based on its Probody technology platform for the treatment of cancer. Its product candidates in clinical stage include CX-072, a Probody therapeutic targeting programmed cell death ligand 1 immuno-oncology target; CX-2009, a Probody drug conjugate (PDC) against CD166 novel drug target; BMS-986249, a CTLA-4 Probody therapeutic drug; CX-2029, a PDC targeting CD71; and CX-188, a Probody therapeutic targeting PD-1 anti-cancer target.

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