CytomX Therapeutics (NASDAQ:CTMX) Shares Gap Down After Earnings Miss

by · The Cerbat Gem

CytomX Therapeutics, Inc. (NASDAQ:CTMX – Get Free Report) gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $4.19, but opened at $3.80. CytomX Therapeutics shares last traded at $3.5160, with a volume of 2,018,452 shares.

The biotechnology company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.05). The business had revenue of $5.96 million during the quarter, compared to analyst estimates of $11.50 million. CytomX Therapeutics had a net margin of 34.04% and a return on equity of 158.70%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Oppenheimer assumed coverage on CytomX Therapeutics in a report on Thursday, July 31st. They issued an “outperform” rating and a $7.00 price target for the company. Cantor Fitzgerald began coverage on CytomX Therapeutics in a research note on Monday, September 22nd. They set an “overweight” rating and a $6.00 price target for the company. Weiss Ratings upgraded shares of CytomX Therapeutics from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, October 8th. Finally, Barclays lifted their price target on CytomX Therapeutics from $3.50 to $6.00 and gave the company an “overweight” rating in a report on Tuesday, October 21st. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $5.83.

Get Our Latest Research Report on CytomX Therapeutics

Institutional Investors Weigh In On CytomX Therapeutics

Hedge funds have recently modified their holdings of the business. Farther Finance Advisors LLC bought a new stake in shares of CytomX Therapeutics during the third quarter valued at about $25,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in shares of CytomX Therapeutics in the 3rd quarter worth approximately $34,000. Truist Financial Corp bought a new position in CytomX Therapeutics in the 3rd quarter worth about $40,000. Invesco Ltd. purchased a new stake in CytomX Therapeutics during the 2nd quarter valued at $32,000. Finally, Pursue Wealth Partners LLC bought a new stake in shares of CytomX Therapeutics in the second quarter worth approximately $33,000. Institutional investors and hedge funds own 67.77% of the company’s stock.

CytomX Therapeutics Trading Down 16.1%

The stock has a 50 day moving average of $2.91 and a 200-day moving average of $2.36. The company has a market capitalization of $579.67 million, a P/E ratio of 6.26 and a beta of 2.29.

CytomX Therapeutics Company Profile

(Get Free Report)

CytomX Therapeutics, Inc, an oncology-focused biopharmaceutical company, focuses on developing novel conditionally activated biologics localized to the tumor microenvironment. The company utilizes conditional activation platform technology for oncology biologics research and development comprising the validation of targets for antibody-drug conjugates (ADCs), opening therapeutic window for novel T-cell engagers (TCEs) targeting solid tumors, and increasing the therapeutic index for immune modulators, such as cytokines; and PROBODY platform in preclinical research in areas outside of oncology.

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