In a report released yesterday, Mara Goldstein from Mizuho Securities maintained a Hold rating on CytomX Therapeutics (CTMX – Research Report), with a price target of $2.00.
Mara Goldstein’s Hold rating for CytomX Therapeutics is based on several factors. Notably, the recent 3Q23 EPS report confirmed the timelines for clinical candidates and announced the deprioritization of CX-2029 due to its likely capital needs. For the rest of 2023, the focus will be on the completion of the CX-904 program and IND filing for CX-801.
Moreover, the company ended 3Q23 with $194 million in cash, which should support the progression of the CX-904 program, with phase I dose escalation data expected in 1H24. Other anticipated developments include data from the BMS-986288 program and IND submissions for CX-2051 and CX-801 in 4Q23. The CytomX ended 3Q23 with a significant cash position of $194.1 million, which is projected to sustain operations until 2H25. These factors contributed to Goldstein’s decision to maintain a Hold rating for the company’s stock.
In another report released today, Piper Sandler also assigned a Hold rating to the stock with a $2.25 price target.
CTMX’s price has also changed moderately for the past six months – from $1.680 to $1.250, which is a -25.60% drop .
See Insiders’ Hot Stocks on TipRanks >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
CytomX Therapeutics (CTMX) Company Description:
CytomX Therapeutics, Inc. engages in the development of antibody therapeutics for the treatment of cancer based on its Probody therapeutic technology platform. Its pipeline includes immunotherapies, probody drug conjugates, T cell engaging bispecifics, and other multiple programs. The company was founded by Frederick W. Gluck and Nancy E. Stagliano in September 2010 and is headquartered in South San Francisco, CA.
Read More on CTMX:
- CytomX Therapeutics price target raised to $3 from $2 at Wedbush
- CytomX Therapeutics reports Q3 EPS 4c, consensus (19c)
- CytomX Therapeutics Reports Third Quarter 2023 Financial Results and Provides Business Update
- CTMX Earnings this Week: How Will it Perform?
- CytomX Therapeutics Presents Preclinical Profile of EpCAM-directed Antibody Drug Conjugate CX-2051 at 2023 World ADC Conference
