H.C. Wainwright Sticks to Their Buy Rating for CytomX Therapeutics Inc (CTMX)

In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on CytomX Therapeutics Inc (NASDAQ: CTMX), with a price target of $32. The company’s shares closed yesterday at $16.46, close to its 52-week low of $15.95.

Selvaraju said:

“We remain confident in the CytomX platform and reiterate our Buy rating and 12-month price target of $32.00 per share. Official poster content likely to be critical for CytomX. First, we anticipate a roughly three-month longer median follow-up for both the monotherapy (Part A1) and combo (Part B) arms, and additional patients in the combo arm. This is particularly important given the observation that a low G3/4 TRAE rate in early Opdivo + Yervoy trials appears to correct with larger sample sizes and/or longer follow-up. While we maintain our belief that CX-072 monotherapy may not provide a substantial safety benefit, given the relatively low side effect profile of anti-PD1/L-1 monotherapy, in our opinion, CX-072 + Yervoy has a much greater likelihood of meaningfully lowering G3/4 TRAEs.”

According to TipRanks.com, Selvaraju is a 1-star analyst with an average return of 0.0% and a 35.6% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, Bausch Health Companies Inc, and Synergy Pharmaceuticals Inc.

CytomX Therapeutics Inc has an analyst consensus of Moderate Buy, with a price target consensus of $32.

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The company has a one-year high of $35 and a one-year low of $15.95. Currently, CytomX Therapeutics Inc has an average volume of 407.1K.

Based on the recent corporate insider activity of 39 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.

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