CytomX Therapeutics (NASDAQ:CTMX) Sets New 52-Week High – Time to Buy?

CytomX Therapeutics, Inc. (NASDAQ:CTMX)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $3.28 and last traded at $3.18, with a volume of 382350 shares trading hands. The stock had previously closed at $3.23.

Wall Street Analysts Forecast Growth

CTMX has been the topic of several recent analyst reports. Cantor Fitzgerald initiated coverage on shares of CytomX Therapeutics in a report on Monday, September 22nd. They set an “overweight” rating and a $6.00 price objective on the stock. Oppenheimer initiated coverage on shares of CytomX Therapeutics in a research note on Thursday, July 31st. They issued an “outperform” rating and a $7.00 price target on the stock. Finally, Barclays began coverage on shares of CytomX Therapeutics in a research report on Wednesday, September 17th. They issued an “overweight” rating and a $3.50 price target for the company. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $5.42.

CytomX Therapeutics Price Performance

The firm has a 50-day simple moving average of $2.18 and a two-hundred day simple moving average of $1.81. The company has a market cap of $526.23 million, a PE ratio of 5.71 and a beta of 2.18.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Miller Financial Services LLC grew its holdings in CytomX Therapeutics by 104.0% during the 1st quarter. Miller Financial Services LLC now owns 51,000 shares of the biotechnology company’s stock valued at $32,000 after purchasing an additional 26,000 shares in the last quarter. Invesco Ltd. acquired a new position in CytomX Therapeutics during the 2nd quarter worth $32,000. Pursue Wealth Partners LLC acquired a new position in shares of CytomX Therapeutics during the second quarter valued at approximately $33,000. Goldman Sachs Group Inc. acquired a new position in CytomX Therapeutics in the first quarter worth approximately $39,000. Finally, Velan Capital Investment Management LP raised its stake in CytomX Therapeutics by 114.3% during the 1st quarter. Velan Capital Investment Management LP now owns 75,000 shares of the biotechnology company’s stock valued at $48,000 after purchasing an additional 40,000 shares during the period. Institutional investors and hedge funds own 67.77% of the company’s stock.

About CytomX Therapeutics

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.