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

Shares of CytomX Therapeutics, Inc. (NASDAQ:CTMX) 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 trading hands.

Analyst Upgrades and Downgrades

CTMX has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of CytomX Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Piper Sandler boosted their price objective on shares of CytomX Therapeutics from $10.00 to $12.00 and gave the company an “overweight” rating in a research report on Monday, March 23rd. Wolfe Research initiated coverage on shares of CytomX Therapeutics in a research report on Tuesday, May 19th. They set an “outperform” rating and a $6.00 price objective on the stock. JPMorgan Chase & Co. upgraded shares of CytomX Therapeutics from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $7.00 to $12.00 in a research report on Monday, March 16th. Finally, Barclays boosted their price objective on shares of CytomX Therapeutics from $10.00 to $16.00 and gave the company an “overweight” rating in a research report on Thursday, March 19th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, CytomX Therapeutics has an average rating of “Moderate Buy” and an average target price of $12.10.

CytomX Therapeutics Stock Up 1.0%

The stock has a market capitalization of $517.38 million, a PE ratio of -7.41 and a beta of 2.08. The stock’s 50 day moving average price is $3.90 and its 200-day moving average price is $4.48.

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

Institutional Trading of CytomX Therapeutics

Large investors have recently made changes to their positions in the stock. Wells Fargo & Company MN boosted its stake in shares of 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 purchasing an additional 3,000 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of CytomX Therapeutics during the fourth quarter valued at $35,000. Lido Advisors LLC purchased a new stake in shares of CytomX Therapeutics during the first quarter valued at $49,000. May Hill Capital LLC purchased a new stake in shares of CytomX Therapeutics during the fourth quarter valued at $46,000. Finally, GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in shares of CytomX Therapeutics during the first quarter valued at $52,000. 67.77% of the stock is owned by hedge funds and other institutional investors.

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.