CytomX Therapeutics (NASDAQ:CTMX) Shares Down 8.6% – Here’s What Happened

Shares of CytomX Therapeutics, Inc. (NASDAQ:CTMX) fell 8.6% on Tuesday . The company traded as low as $3.04 and last traded at $2.9250. 169,439 shares changed hands during trading, a decline of 96% from the average daily volume of 4,758,746 shares. The stock had previously closed at $3.20.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CTMX. Wall Street Zen cut CytomX Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, August 23rd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of CytomX Therapeutics in a research report on Friday, September 11th. Zacks Research lowered shares of CytomX Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 19th. JPMorgan Chase & Co. lowered their price target on shares of CytomX Therapeutics from $12.00 to $11.00 and set an “overweight” rating for the company in a research report on Thursday, August 13th. Finally, Guggenheim dropped their price objective on shares of CytomX Therapeutics from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $11.90.

CytomX Therapeutics Price Performance

The business has a 50 day moving average price of $3.41 and a 200 day moving average price of $3.83. The stock has a market capitalization of $603.58 million, a PE ratio of -5.54 and a beta of 2.14.

CytomX Therapeutics (NASDAQ:CTMX) last posted its quarterly earnings results on Thursday, August 6th. The biotechnology company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.01). CytomX Therapeutics had a negative return on equity of 38.46% and a negative net margin of 435.21%.The company had revenue of $1.42 million during the quarter, compared to analysts’ expectations of $12.39 million. On average, equities analysts expect that CytomX Therapeutics, Inc. will post -0.4 earnings per share for the current year.

Institutional Investors Weigh In On CytomX Therapeutics

Institutional investors have recently made changes to their positions in the company. Integrated Wealth Concepts LLC bought a new position in CytomX Therapeutics in the 2nd quarter valued at approximately $47,000. Nierenberg Investment Management Company LLC bought a new stake in shares of CytomX Therapeutics in the 2nd quarter worth $47,081. Lido Advisors LLC bought a new stake in shares of CytomX Therapeutics in the 1st quarter worth $49,000. TRB Wealth Management LLC purchased a new position in shares of CytomX Therapeutics in the second quarter worth $50,000. Finally, GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in shares of CytomX Therapeutics in the first quarter worth $52,000. Hedge funds and other institutional investors own 67.77% of the company’s stock.

About CytomX Therapeutics

CytomX Therapeutics, Inc (NASDAQ: CTMX) is a clinical-stage biopharmaceutical company focused on developing cancer therapies designed to selectively activate in the tumor microenvironment. The company’s Probody therapeutic platform uses molecular masking technology intended to limit antibody activity in healthy tissue and enable activation by proteases that are more prevalent in tumors.

CytomX’s pipeline includes investigational therapies spanning several modalities, including Probody drug conjugates, T-cell engagers and cytokine-based treatments.