H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on CytomX Therapeutics Inc (CTMX) today and set a price target of $32. The company’s shares closed yesterday at $13.82, close to its 52-week low of $12.75.
Selvaraju noted:
“We utilize a probability of approval of 70% for we employ a 10% discount rate, and a 29% effective tax rate, yielding a total value of $1.16B, or a price per share of $32, assuming 47M shares outstanding and roughly $371M in cash and equivalents as of end-3Q19.”
According to TipRanks.com, Selvaraju is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -13.3% and a 23.1% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, Bausch Health Companies Inc, and Fennec Pharmaceuticals Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for CytomX Therapeutics Inc with a $26.50 average price target, a 91.8% upside from current levels. In a report issued on November 7, Cowen & Co. also maintained a Buy rating on the stock.
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The company has a one-year high of $35 and a one-year low of $12.75. Currently, CytomX Therapeutics Inc has an average volume of 380.4K.
Based on the recent corporate insider activity of 38 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.
