CytomX Therapeutics (NASDAQ:CTMX) Stock Price Down 8.7% – Here’s Why

CytomX Therapeutics, Inc. (NASDAQ:CTMX)’s stock price traded down 8.7% during mid-day trading on Wednesday . The stock traded as low as $2.71 and last traded at $2.6850. Approximately 2,156,274 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 4,824,577 shares. The stock had previously closed at $2.94.

Analysts Set New Price Targets

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

CytomX Therapeutics Trading Down 5.5%

The stock has a market cap of $605.11 million, a P/E ratio of -5.49 and a beta of 2.14. The firm has a 50-day simple moving average of $3.34 and a two-hundred day simple moving average of $3.77.

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

Institutional Investors Weigh In On CytomX Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of CytomX Therapeutics in the second quarter worth $65,849,000. Bank of America Corp DE bought a new position in CytomX Therapeutics in the 2nd quarter valued at about $56,560,000. Perceptive Advisors LLC increased its holdings in CytomX Therapeutics by 4.3% in the 1st quarter. Perceptive Advisors LLC now owns 10,098,824 shares of the biotechnology company’s stock valued at $47,464,000 after buying an additional 418,639 shares during the period. Elmind Capital LP raised its position in shares of CytomX Therapeutics by 550.0% in the 1st quarter. Elmind Capital LP now owns 4,550,000 shares of the biotechnology company’s stock valued at $21,385,000 after buying an additional 3,850,000 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of CytomX Therapeutics by 44.3% in the 2nd quarter. Wellington Management Group LLP now owns 5,168,961 shares of the biotechnology company’s stock valued at $19,384,000 after buying an additional 1,585,976 shares in the last quarter. 67.77% of the stock is currently owned by institutional investors and hedge funds.

CytomX Therapeutics Company Profile

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.