H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on CytomX Therapeutics Inc (CTMX) today and set a price target of $34. The company’s shares closed yesterday at $13.13, close to its 52-week low of $12.51.
Selvaraju wrote:
“We utilize a probability of approval of 70% for BMS-986249 (vs. the previous 40%, so as to account for the added validation for the Probody platform), and 30% for CX-2009; we employ a 10% discount rate, and a 29% effective tax rate, yielding a total value of $1.6B, or a price per share of $34, assuming 47.6M shares outstanding and roughly $329M in cash and equivalents as of end-4Q19.”
According to TipRanks.com, Selvaraju ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -9.0% and a 33.8% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, EyePoint Pharmaceuticals Inc, and Bausch Health Companies Inc.
Currently, the analyst consensus on CytomX Therapeutics Inc is a Moderate Buy with an average price target of $21, implying a 59.9% upside from current levels. In a report released yesterday, Cowen & Co. also assigned a Buy rating to the stock.
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The company has a one-year high of $35 and a one-year low of $12.51. Currently, CytomX Therapeutics Inc has an average volume of 398.7K.
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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.
