Bank of America Corporation Boosts CytomX Therapeutics, Inc. (CTMX) Price Target to $34.00
CytomX Therapeutics, Inc. (NASDAQ:CTMX) had its target price raised by research analysts at Bank of America Corporation from $30.00 to $34.00 in a note issued to investors on Wednesday. The firm presently has a “buy” rating on the biotechnology company’s stock. Bank of America Corporation’s price target points to a potential upside of 78.95% from the stock’s previous close.
Several other research firms have also recently issued reports on CTMX. Nomura increased their price objective on CytomX Therapeutics to $44.00 and gave the stock a “buy” rating in a research report on Wednesday. Cowen and Company restated a “buy” rating on shares of CytomX Therapeutics in a research report on Wednesday, June 28th. Jefferies Group LLC restated a “buy” rating and set a $25.00 target price on shares of CytomX Therapeutics in a research report on Tuesday, June 6th. BidaskClub raised shares of CytomX Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, August 9th. Finally, Cann reaffirmed a “hold” rating on shares of CytomX Therapeutics in a research note on Tuesday, August 8th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. CytomX Therapeutics presently has an average rating of “Hold” and a consensus target price of $30.43.
CytomX Therapeutics (CTMX) traded up 18.479% during midday trading on Wednesday, reaching $22.511. The company had a trading volume of 2,560,431 shares. The firm’s 50 day moving average is $16.66 and its 200 day moving average is $15.57. The stock’s market capitalization is $829.91 million. CytomX Therapeutics has a 1-year low of $9.85 and a 1-year high of $24.67.
CytomX Therapeutics (NASDAQ:CTMX) last posted its quarterly earnings results on Monday, August 7th. The biotechnology company reported ($0.69) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.39) by ($0.30). CytomX Therapeutics had a negative net margin of 206.33% and a negative return on equity of 84.61%. The business had revenue of $8.75 million during the quarter, compared to analysts’ expectations of $4.95 million. On average, equities analysts anticipate that CytomX Therapeutics will post ($1.49) EPS for the current fiscal year.
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In other news, CFO Debanjan Ray sold 2,500 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $18.10, for a total value of $45,250.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Robert I. Tepper sold 20,000 shares of the firm’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $18.00, for a total value of $360,000.00. Following the completion of the transaction, the insider now owns 54,293 shares of the company’s stock, valued at approximately $977,274. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,967 shares of company stock worth $1,144,108. 8.00% of the stock is owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in CTMX. Legal & General Group Plc grew its stake in CytomX Therapeutics by 28.6% in the 2nd quarter. Legal & General Group Plc now owns 6,448 shares of the biotechnology company’s stock valued at $101,000 after acquiring an additional 1,434 shares during the last quarter. Harbourvest Partners LLC purchased a new position in CytomX Therapeutics during the 4th quarter valued at about $110,000. Wells Fargo & Company MN increased its holdings in CytomX Therapeutics by 253.6% during the 3rd quarter. Wells Fargo & Company MN now owns 7,808 shares of the biotechnology company’s stock valued at $122,000 after acquiring an additional 5,600 shares in the last quarter. Highbridge Capital Management LLC purchased a new position in CytomX Therapeutics during the 4th quarter valued at about $158,000. Finally, Hillsdale Investment Management Inc. purchased a new position in CytomX Therapeutics during the 1st quarter valued at about $159,000. Institutional investors and hedge funds own 59.97% of the company’s stock.
CytomX Therapeutics Company Profile
CytomX Therapeutics, Inc is a clinical-stage, oncology-focused biopharmaceutical company. The Company uses its Probody technology platform to create cancer immunotherapies against clinically validated targets, as well as to develop cancer therapeutics against difficult-to-drug targets. Its pipeline is focused on the development of therapies in a set of modalities: Probody cancer immunotherapies, Probody drug conjugates, T-cell engaging Probody bispecifics and ProCAR-NK cell therapies.
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