Wolfe Research Upgrades CytomX Therapeutics (NASDAQ:CTMX) to “Strong-Buy”

CytomX Therapeutics (NASDAQ:CTMX) was upgraded by Wolfe Research to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

CTMX has been the topic of a number of other research reports. Wedbush upped their target price on CytomX Therapeutics from $6.00 to $11.00 and gave the stock an “outperform” rating in a report on Tuesday, March 17th. JPMorgan Chase & Co. raised CytomX Therapeutics from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $7.00 to $12.00 in a research report on Monday, March 16th. Cantor Fitzgerald increased their price target on CytomX Therapeutics from $6.00 to $10.00 and gave the company an “overweight” rating in a report on Wednesday, February 4th. Wall Street Zen raised CytomX Therapeutics from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Barclays increased their price target on CytomX Therapeutics from $10.00 to $16.00 and gave the company an “overweight” rating in a report on Thursday, March 19th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, CytomX Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $12.10.

CytomX Therapeutics Stock Up 4.0%

CytomX Therapeutics stock opened at $3.64 on Tuesday. CytomX Therapeutics has a 52 week low of $1.72 and a 52 week high of $8.21. The business has a 50-day simple moving average of $4.43 and a 200 day simple moving average of $4.55. The stock has a market cap of $619.49 million, a price-to-earnings ratio of -8.88 and a beta of 2.18.

CytomX Therapeutics (NASDAQ:CTMX) last issued its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.04. CytomX Therapeutics had a negative return on equity of 36.61% and a negative net margin of 166.40%.The firm had revenue of $10.26 million during the quarter, compared to analyst estimates of $4.68 million. On average, research analysts anticipate that CytomX Therapeutics will post -0.45 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Yu-Waye Chu sold 21,279 shares of the business’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $6.42, for a total value of $136,611.18. Following the completion of the transaction, the insider owned 189,446 shares of the company’s stock, valued at $1,216,243.32. The trade was a 10.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Christopher Ogden sold 19,323 shares of the business’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $6.42, for a total transaction of $124,053.66. Following the completion of the transaction, the chief financial officer directly owned 296,948 shares of the company’s stock, valued at $1,906,406.16. This trade represents a 6.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 191,063 shares of company stock worth $1,226,624. Corporate insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On CytomX Therapeutics

A number of large investors have recently made changes to their positions in CTMX. Boothbay Fund Management LLC purchased a new stake in shares of CytomX Therapeutics during the 3rd quarter worth about $3,946,000. Baker BROS. Advisors LP boosted its stake in shares of CytomX Therapeutics by 22.0% during the 3rd quarter. Baker BROS. Advisors LP now owns 4,250,826 shares of the biotechnology company’s stock worth $13,560,000 after acquiring an additional 766,600 shares in the last quarter. HighVista Strategies LLC purchased a new stake in shares of CytomX Therapeutics during the 3rd quarter worth about $820,000. Persistent Asset Partners Ltd purchased a new stake in shares of CytomX Therapeutics during the 3rd quarter worth about $136,000. Finally, Truist Financial Corp purchased a new stake in shares of CytomX Therapeutics during the 3rd quarter worth about $40,000. 67.77% of the stock is owned by hedge funds and other institutional investors.

CytomX Therapeutics Company Profile

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.