CytomX Therapeutics (NASDAQ:CTMX) Reaches New 12-Month Low – Here’s Why

CytomX Therapeutics, Inc. (NASDAQ:CTMX) hit a new 52-week low on Wednesday. The company traded as low as $2.32 and last traded at $2.33, with a volume of 5,223,013 shares. The stock had previously closed at $2.42.

Wall Street Analysts Forecast Growth

CTMX has been the topic of a number of research reports. Weiss Ratings reiterated a “sell (d)” rating on shares of CytomX Therapeutics in a research report on Friday, September 11th. Wall Street Zen lowered shares of CytomX Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, August 23rd. Guggenheim lowered their price target on shares of CytomX Therapeutics from $15.00 to $14.00 and set a “buy” rating for the company in a report on Monday, August 10th. Zacks Research cut shares of CytomX Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 19th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of CytomX Therapeutics in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, CytomX Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $11.90.

CytomX Therapeutics Price Performance

The firm’s 50 day moving average price is $3.11 and its 200-day moving average price is $3.53.

CytomX Therapeutics (NASDAQ:CTMX) last issued 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 for the quarter, compared to analyst estimates of $12.39 million. CytomX Therapeutics had a negative return on equity of 38.46% and a negative net margin of 435.21%. On average, sell-side analysts expect that CytomX Therapeutics, Inc. will post -0.40 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CytomX Therapeutics

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

About CytomX Therapeutics

CytomX Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing antibody-based medicines for cancer and other serious diseases. The company’s technology is designed to keep therapeutic antibodies inactive in healthy tissue and activate them in disease sites, particularly within the tumor microenvironment, with the goal of improving treatment precision and reducing systemic toxicity.

CytomX’s Probody Therapeutics platform uses conditionally activated antibodies and related molecules.