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

CytomX Therapeutics, Inc. (NASDAQ:CTMX) shares dropped 8.7% during 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 trading, a decline of 55% from the average session volume of 4,824,577 shares. The stock had previously closed at $2.94.

Wall Street Analysts Forecast Growth

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

CytomX Therapeutics Price Performance

The business’s fifty day moving average price is $3.30 and its two-hundred day moving average price is $3.74. The stock has a market capitalization of $591.60 million, a PE ratio of -5.46 and a beta of 2.14.

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

Institutional Investors Weigh In On CytomX Therapeutics

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

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.