Zacks Investment Research Lowers CytomX Therapeutics (CTMX) to Sell

CytomX Therapeutics (NASDAQ:CTMX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday.

According to Zacks, “CytomX Therapeutics, Inc. is an oncology focused biopharmaceutical company. The Company is engaged in developing Probody(TM) therapeutics for the treatment of cancer. Its pipeline focuses areas consist of Precision cancer immunotherapy and Probody drug conjugates. CytomX Therapeutics, Inc. is headquartered in South San Francisco, California. “

A number of other equities research analysts have also recently issued reports on the company. BidaskClub upgraded CytomX Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Wednesday, February 7th. Citigroup began coverage on CytomX Therapeutics in a report on Friday, January 5th. They set a “buy” rating and a $40.00 price objective for the company. ValuEngine cut CytomX Therapeutics from a “hold” rating to a “sell” rating in a report on Friday, December 1st. Finally, Cantor Fitzgerald began coverage on CytomX Therapeutics in a report on Monday, October 23rd. They set an “overweight” rating and a $35.00 price objective for the company. Three research analysts have rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $32.78.

Shares of CytomX Therapeutics (NASDAQ CTMX) traded up $0.28 during midday trading on Monday, reaching $27.28. The company’s stock had a trading volume of 229,038 shares, compared to its average volume of 328,705. CytomX Therapeutics has a 1 year low of $11.38 and a 1 year high of $29.04. The firm has a market capitalization of $1,037.03, a P/E ratio of -17.16 and a beta of 1.08.

In related news, Director Frederick W. Gluck sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 26th. The stock was sold at an average price of $22.29, for a total value of $111,450.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Debanjan Ray sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $20.58, for a total value of $51,450.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,466 shares of company stock valued at $1,267,014. 8.00% of the stock is currently owned by corporate insiders.

Several hedge funds have recently modified their holdings of CTMX. Legal & General Group Plc boosted its stake in shares of CytomX Therapeutics by 28.6% in the second quarter. Legal & General Group Plc now owns 6,448 shares of the biotechnology company’s stock valued at $101,000 after buying an additional 1,434 shares during the period. Macquarie Group Ltd. bought a new stake in shares of CytomX Therapeutics in the third quarter valued at approximately $107,000. Bank of Montreal Can bought a new stake in shares of CytomX Therapeutics in the fourth quarter valued at approximately $124,000. Cubist Systematic Strategies LLC bought a new stake in shares of CytomX Therapeutics in the second quarter valued at approximately $174,000. Finally, Voya Investment Management LLC bought a new stake in shares of CytomX Therapeutics in the second quarter valued at approximately $203,000. Institutional investors and hedge funds own 63.85% of the company’s stock.

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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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