CytomX Therapeutics (NASDAQ:CTMX) Shares Gap Down Following Weak Earnings

CytomX Therapeutics, Inc. (NASDAQ:CTMX)’s share price gapped down prior to trading 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 trading hands.

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

Analyst Upgrades and Downgrades

CTMX has been the subject of several recent research reports. Wall Street Zen cut shares of CytomX Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings upgraded CytomX Therapeutics from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 8th. Wedbush reissued an “outperform” rating and issued a $6.00 target price on shares of CytomX Therapeutics in a research note on Friday. Cantor Fitzgerald began coverage on CytomX Therapeutics in a report on Monday, September 22nd. They set an “overweight” rating and a $6.00 target price on the stock. Finally, Oppenheimer started coverage on CytomX Therapeutics in a research note on Thursday, July 31st. They issued an “outperform” rating and a $7.00 price target for the company. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.83.

Hedge Funds Weigh In On CytomX Therapeutics

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

CytomX Therapeutics Stock Down 13.6%

The firm has a market capitalization of $596.99 million, a price-to-earnings ratio of 6.46 and a beta of 2.29. The business’s fifty day moving average is $2.95 and its 200 day moving average is $2.38.

About CytomX Therapeutics

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.