CytomX Therapeutics (NASDAQ:CTMX) Stock Price Passes Below 50 Day Moving Average – Here’s Why

CytomX Therapeutics, Inc. (NASDAQ:CTMX)’s share price passed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $3.90 and traded as low as $2.98. CytomX Therapeutics shares last traded at $3.04, with a volume of 2,921,174 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CTMX. Guggenheim lifted their price objective on shares of CytomX Therapeutics from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, March 18th. Wedbush lifted their price objective on shares of CytomX Therapeutics from $6.00 to $11.00 and gave the company an “outperform” rating in a research report on Tuesday, March 17th. JPMorgan Chase & Co. upgraded shares of CytomX Therapeutics from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $7.00 to $12.00 in a research report on Monday, March 16th. Oppenheimer reiterated an “outperform” rating and set a $12.00 price objective on shares of CytomX Therapeutics in a research report on Monday, March 16th. Finally, Weiss Ratings cut shares of CytomX Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a research report on Thursday, March 19th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.10.

CytomX Therapeutics Price Performance

The firm’s 50-day moving average is $3.90 and its two-hundred day moving average is $4.48. The company has a market cap of $517.38 million, a P/E ratio of -7.41 and a beta of 2.08.

CytomX Therapeutics (NASDAQ:CTMX) last announced its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.04. CytomX Therapeutics had a negative net margin of 166.40% and a negative return on equity of 36.61%. The company had revenue of $10.26 million for the quarter, compared to analysts’ expectations of $4.68 million. As a group, sell-side analysts expect that CytomX Therapeutics, Inc. will post -0.46 EPS for the current year.

Institutional Investors Weigh In On CytomX Therapeutics

Several large investors have recently bought and sold shares of the business. Wells Fargo & Company MN increased its position in CytomX Therapeutics by 83.2% during the fourth quarter. Wells Fargo & Company MN now owns 6,605 shares of the biotechnology company’s stock valued at $28,000 after acquiring an additional 3,000 shares during the last quarter. Invesco Ltd. bought a new position in CytomX Therapeutics during the second quarter valued at $32,000. Mirae Asset Global Investments Co. Ltd. bought a new position in CytomX Therapeutics during the fourth quarter valued at $35,000. Goldman Sachs Group Inc. bought a new position in CytomX Therapeutics during the first quarter valued at $39,000. Finally, Truist Financial Corp bought a new position in CytomX Therapeutics during the third quarter valued at $40,000. Institutional investors own 67.77% of the company’s stock.

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.