Cantor Fitzgerald Thinks CytomX Therapeutics Inc’s Stock is Going to Recover

By Ryan Adsit

Cantor Fitzgerald analyst Varun Kumar initiated coverage with a Buy rating on CytomX Therapeutics Inc (CTMXResearch Report) today and set a price target of $21. The company’s shares opened today at $10.75, close to its 52-week low of $8.94.

Kumar noted:

“: We are initiating coverage of Overweight rating and 12-month price target of $21/share. CytomX stock currently trades at an EV of ~$100M ($8.80/sh cash), and the shares are down about 27% YTD (vs. +8.5% for NBI), triggered by updates at its R&D day earlier this year. We believe that the company’s lead early-stage clinical assets, based on modified antibodies, are partially de-risked and are highly discounted at the current valuation. For CX-2009, we think that evolving clinical updates in the next 6-12 months should alleviate investor concerns about its safety profile and that risk of potential clinical setback is overstated.”

According to TipRanks.com, Kumar is ranked #2993 out of 5192 analysts.

CytomX Therapeutics Inc has an analyst consensus of Strong Buy, with a price target consensus of $20.80, a 93.5% upside from current levels. In a report issued on May 10, Cowen & Co. also maintained a Buy rating on the stock.

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The company has a one-year high of $27.20 and a one-year low of $8.94. Currently, CytomX Therapeutics Inc has an average volume of 603.8K.

Based on the recent corporate insider activity of 21 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CTMX in relation to earlier this year.

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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.