Wedbush Reiterates “Outperform” Rating for CytomX Therapeutics (NASDAQ:CTMX)

CytomX Therapeutics (NASDAQ:CTMX)‘s stock had its “outperform” rating restated by analysts at Wedbush in a research note issued on Monday,RTT News reports. They presently have a $6.00 price target on the biotechnology company’s stock, up from their prior price target of $5.00. Wedbush’s price target would indicate a potential upside of 181.69% from the company’s current price.

Several other research analysts have also issued reports on the stock. HC Wainwright reissued a “neutral” rating on shares of CytomX Therapeutics in a research note on Friday, March 7th. Piper Sandler started coverage on shares of CytomX Therapeutics in a research note on Monday, April 14th. They issued an “overweight” rating and a $2.50 target price for the company. Finally, StockNews.com began coverage on shares of CytomX Therapeutics in a research note on Tuesday, April 15th. They issued a “hold” rating for the company.

CytomX Therapeutics Stock Performance

Shares of CTMX stock traded up $1.20 during midday trading on Monday, hitting $2.13. 113,231,332 shares of the company were exchanged, compared to its average volume of 1,947,601. CytomX Therapeutics has a 52 week low of $0.40 and a 52 week high of $2.69. The firm’s 50 day moving average price is $0.66 and its two-hundred day moving average price is $0.85. The firm has a market capitalization of $171.72 million, a P/E ratio of 12.53 and a beta of 1.11.

CytomX Therapeutics (NASDAQ:CTMX) last issued its earnings results on Monday, May 12th. The biotechnology company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.18 by $0.09. The company had revenue of $50.92 million during the quarter, compared to analysts’ expectations of $35.42 million. CytomX Therapeutics had a net margin of 10.96% and a negative return on equity of 41.47%. During the same period in the previous year, the company earned $0.17 EPS. Analysts expect that CytomX Therapeutics will post -0.05 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CTMX. JPMorgan Chase & Co. increased its stake in shares of CytomX Therapeutics by 288,736.3% in the fourth quarter. JPMorgan Chase & Co. now owns 811,630 shares of the biotechnology company’s stock worth $836,000 after buying an additional 811,349 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of CytomX Therapeutics by 32.7% during the 4th quarter. Renaissance Technologies LLC now owns 1,346,800 shares of the biotechnology company’s stock valued at $1,387,000 after buying an additional 331,800 shares in the last quarter. Prudential Financial Inc. boosted its stake in CytomX Therapeutics by 76.2% in the 4th quarter. Prudential Financial Inc. now owns 64,300 shares of the biotechnology company’s stock worth $66,000 after purchasing an additional 27,800 shares in the last quarter. Schonfeld Strategic Advisors LLC boosted its stake in CytomX Therapeutics by 13.9% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 1,380,800 shares of the biotechnology company’s stock worth $1,422,000 after purchasing an additional 169,000 shares in the last quarter. Finally, Aspire Growth Partners LLC bought a new position in CytomX Therapeutics in the 4th quarter worth about $42,000. 67.77% of the stock is owned by hedge funds and other institutional investors.

CytomX Therapeutics Company Profile

CytomX Therapeutics, Inc, an oncology-focused biopharmaceutical company, focuses on developing novel conditionally activated biologics localized to the tumor microenvironment. The company utilizes conditional activation platform technology for oncology biologics research and development comprising the validation of targets for antibody-drug conjugates (ADCs), opening therapeutic window for novel T-cell engagers (TCEs) targeting solid tumors, and increasing the therapeutic index for immune modulators, such as cytokines; and PROBODY platform in preclinical research in areas outside of oncology.