Formidable Asset Management LLC Decreases Stock Position in CytomX Therapeutics, Inc. $CTMX

Formidable Asset Management LLC cut its holdings in CytomX Therapeutics, Inc. (NASDAQ:CTMX) by 62.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 118,337 shares of the biotechnology company’s stock after selling 194,513 shares during the period. Formidable Asset Management LLC’s holdings in CytomX Therapeutics were worth $377,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CTMX. Orbimed Advisors LLC purchased a new position in shares of CytomX Therapeutics in the second quarter worth $19,208,000. Commodore Capital LP bought a new stake in CytomX Therapeutics in the 2nd quarter worth about $17,462,000. Perceptive Advisors LLC purchased a new position in CytomX Therapeutics in the 2nd quarter worth about $15,876,000. Franklin Resources Inc. bought a new position in CytomX Therapeutics during the 2nd quarter valued at about $13,096,000. Finally, Vivo Capital LLC purchased a new stake in shares of CytomX Therapeutics during the 2nd quarter valued at about $13,096,000. 67.77% of the stock is currently owned by hedge funds and other institutional investors.

CytomX Therapeutics Stock Up 26.8%

CTMX opened at $5.39 on Tuesday. CytomX Therapeutics, Inc. has a 52 week low of $0.40 and a 52 week high of $5.70. The stock’s fifty day moving average is $4.15 and its two-hundred day moving average is $3.17. The company has a market capitalization of $913.23 million, a P/E ratio of 13.48 and a beta of 2.42.

CytomX Therapeutics (NASDAQ:CTMX) last released its quarterly earnings data on Thursday, November 6th. The biotechnology company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.05). CytomX Therapeutics had a net margin of 24.66% and a return on equity of 44.49%. The firm had revenue of $5.96 million during the quarter, compared to the consensus estimate of $11.50 million. Equities analysts anticipate that CytomX Therapeutics, Inc. will post -0.05 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have commented on CTMX. Weiss Ratings raised shares of CytomX Therapeutics from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, October 8th. Wall Street Zen cut CytomX Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Cantor Fitzgerald initiated coverage on CytomX Therapeutics in a report on Monday, September 22nd. They issued an “overweight” rating and a $6.00 target price on the stock. Barclays boosted their price target on CytomX Therapeutics from $3.50 to $6.00 and gave the company an “overweight” rating in a research note on Tuesday, October 21st. Finally, Wedbush reiterated an “outperform” rating and issued a $6.00 price objective on shares of CytomX Therapeutics in a research note on Friday, November 7th. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $6.67.

About CytomX Therapeutics

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.