Cantor Fitzgerald analyst Mara Goldstein reiterated a Buy rating on CytomX Therapeutics Inc (NASDAQ: CTMX) yesterday and set a price target of $40. The company’s shares closed yesterday at $24.34.
Goldstein wrote:
“We rate $40 PT. CTMS’s efforts to develop cancer drugs are at the forefront of the clinical landscape and hold the promise to improve on the safety and/or efficacy of existing immuno-oncology agents and to create drugs that can exploit previously unattainable targets. This technology has high potential given rate-limiting toxicity issues associated with checkpoint inhibitors. That and the addition of multiple high-profile partners (that have helped boost cash to $300M+) and the opportunity for substantial milestones and other payments are compelling to us. We think that advancing clinical programs may lead to valuation expansion and the potential for additional partnerships.”
According to TipRanks.com, Goldstein is a 1-star analyst with an average return of -0.2% and a 39.9% success rate. Goldstein covers the Healthcare sector, focusing on stocks such as Corvus Pharmaceuticals Inc, Karyopharm Therapeutics, and Cascadian Therapeutics.
Currently, the analyst consensus on CytomX Therapeutics Inc is Strong Buy and the average price target is $40, representing a 64.3% upside.
In a report issued on May 9, Cowen & Co. also maintained a Buy rating on the stock.
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Based on CytomX Therapeutics Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $15.49 million. In comparison, last year the company had a GAAP net loss of $8.26 million.
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CytomX Therapeutics, Inc. operates as an oncology-base biopharmaceutical company, which focuses on developing probody therapeutics for the treatment of cancer. The company was founded in September, 2010 and is headquartered in South San Francisco, CA.
