Analyst Mara Goldstein of Mizuho Securities maintained a Hold rating on CytomX Therapeutics (CTMX – Research Report), with a price target of $2.00.
Mara Goldstein has given her Hold rating due to a combination of factors surrounding CytomX Therapeutics’ financial and developmental outlook. Goldstein acknowledges the company’s ability to generate non-dilutive capital through partnerships, which has been a consistent trend with $35 million raised in 2023 and $30 million in 2022, as well as the potential for substantial milestone payments. However, she expresses caution, noting the necessity for clinical data to validate the company’s strategic shift from later-stage assets to earlier-stage candidates, which is yet to materialize.
Furthermore, the report indicates that while CytomX is expected to provide data from two of its drug candidates in 2024, there has been a slight delay with the CX-904 data readout. Additionally, the commencement of Phase I trials for CX-2051 and CX-801 is anticipated in the first half of 2024. The company’s cash position is projected to support operations into the second half of 2025, but the report suggests conservatively accounting for higher R&D expenses. Therefore, the Hold rating appears to be a reflection of the balance between the potential of upcoming partnerships and the need for forthcoming clinical data to validate the company’s pipeline strategy.
According to TipRanks, Goldstein is an analyst with an average return of -0.7% and a 38.63% success rate. Goldstein covers the Healthcare sector, focusing on stocks such as Merck & Company, Adaptimmune Therapeutics, and Autolus Therapeutics.
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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.
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