CytomX Therapeutics (NASDAQ:CTMX) Raised to Buy at Jefferies Financial Group

CytomX Therapeutics (NASDAQ:CTMX) was upgraded by Jefferies Financial Group from a “hold” rating to a “buy” rating in a research note issued on Monday, Briefing.com reports. The brokerage presently has a $8.00 price target on the biotechnology company’s stock, up from their prior price target of $2.50. Jefferies Financial Group’s price target points to a potential upside of 80.59% from the company’s previous close.

A number of other research firms have also recently commented on CTMX. BMO Capital Markets reaffirmed a “market perform” rating and issued a $3.25 price target on shares of CytomX Therapeutics in a report on Wednesday, May 1st. StockNews.com cut shares of CytomX Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. raised shares of CytomX Therapeutics from an “underweight” rating to a “neutral” rating in a report on Monday, April 22nd. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, CytomX Therapeutics presently has a consensus rating of “Hold” and an average price target of $4.75.

CytomX Therapeutics Stock Down 1.6 %

Shares of NASDAQ CTMX opened at $4.43 on Monday. The company has a market capitalization of $301.86 million, a PE ratio of -221.39 and a beta of 1.09. The stock’s 50 day moving average price is $2.26 and its 200-day moving average price is $1.72. CytomX Therapeutics has a twelve month low of $1.04 and a twelve month high of $5.85.

CytomX Therapeutics (NASDAQ:CTMX) last posted its quarterly earnings results on Monday, March 11th. The biotechnology company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.01). The company had revenue of $26.61 million for the quarter, compared to the consensus estimate of $23.36 million. As a group, research analysts expect that CytomX Therapeutics will post -0.25 EPS for the current fiscal year.

Insider Transactions at CytomX Therapeutics

In other news, CEO Sean A. Mccarthy sold 20,223 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $2.09, for a total value of $42,266.07. Following the transaction, the chief executive officer now owns 524,481 shares of the company’s stock, valued at $1,096,165.29. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last quarter, insiders have sold 35,024 shares of company stock valued at $73,200. 7.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its position in CytomX Therapeutics by 737.4% in the third quarter. Bank of New York Mellon Corp now owns 266,836 shares of the biotechnology company’s stock worth $344,000 after acquiring an additional 234,970 shares in the last quarter. Congress Park Capital LLC grew its position in CytomX Therapeutics by 112.8% in the fourth quarter. Congress Park Capital LLC now owns 239,300 shares of the biotechnology company’s stock worth $371,000 after acquiring an additional 126,850 shares in the last quarter. Finally, AlphaMark Advisors LLC grew its position in CytomX Therapeutics by 119.8% in the fourth quarter. AlphaMark Advisors LLC now owns 23,183 shares of the biotechnology company’s stock worth $36,000 after acquiring an additional 12,635 shares in the last quarter. 67.77% of the stock is currently owned by hedge funds and other institutional investors.

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.