Velan Capital Investment Management LP Sells 420,000 Shares of CytomX Therapeutics, Inc. $CTMX

Velan Capital Investment Management LP lessened its holdings in shares of CytomX Therapeutics, Inc. (NASDAQ:CTMX) by 77.8% in the second quarter, according to its most recent filing with the SEC. The firm owned 120,000 shares of the biotechnology company’s stock after selling 420,000 shares during the period. CytomX Therapeutics accounts for 0.3% of Velan Capital Investment Management LP’s portfolio, making the stock its 25th largest position. Velan Capital Investment Management LP’s holdings in CytomX Therapeutics were worth $450,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Goldman Sachs Group Inc. bought a new stake in CytomX Therapeutics in the first quarter valued at approximately $39,000. Woodline Partners LP acquired a new position in shares of CytomX Therapeutics in the 1st quarter valued at approximately $1,054,000. Geode Capital Management LLC increased its stake in CytomX Therapeutics by 103.4% during the 2nd quarter. Geode Capital Management LLC now owns 1,745,176 shares of the biotechnology company’s stock worth $3,963,000 after purchasing an additional 887,218 shares in the last quarter. Invesco Ltd. acquired a new stake in shares of CytomX Therapeutics during the second quarter worth $32,000. Finally, Marshall Wace LLP raised its stake in shares of CytomX Therapeutics by 2,650.9% in the 2nd quarter. Marshall Wace LLP now owns 2,353,122 shares of the biotechnology company’s stock valued at $5,342,000 after purchasing an additional 2,267,583 shares during the period. 67.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Zacks Research downgraded shares of CytomX Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 19th. HC Wainwright lowered their price target on CytomX Therapeutics from $17.00 to $11.00 and set a “buy” rating on the stock in a research report on Monday, May 11th. Guggenheim cut their price objective on CytomX Therapeutics from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, August 10th. Weiss Ratings reiterated a “sell (d)” rating on shares of CytomX Therapeutics in a research note on Tuesday, June 16th. Finally, JPMorgan Chase & Co. decreased their target price on CytomX Therapeutics from $12.00 to $11.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, CytomX Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.90.

CytomX Therapeutics Stock Performance

NASDAQ:CTMX opened at $3.72 on Thursday. CytomX Therapeutics, Inc. has a 52 week low of $1.90 and a 52 week high of $8.21. The firm’s 50-day simple moving average is $3.48 and its 200 day simple moving average is $3.98. The firm has a market cap of $810.59 million, a price-to-earnings ratio of -7.44 and a beta of 2.14.

CytomX Therapeutics (NASDAQ:CTMX) last issued its quarterly earnings results on Thursday, August 6th. The biotechnology company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.01). The company had revenue of $1.42 million during the quarter, compared to the consensus estimate of $12.39 million. CytomX Therapeutics had a negative net margin of 435.21% and a negative return on equity of 38.46%. Sell-side analysts anticipate that CytomX Therapeutics, Inc. will post -0.4 EPS for the current year.

CytomX Therapeutics Profile

CytomX Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of next-generation therapeutics based on its proprietary Probody® platform. The company engineers masked antibody prodrugs that remain inactive in healthy tissue but are selectively activated in the tumor microenvironment. This approach is designed to enhance the safety and tolerability of antibody-based therapies, particularly those targeting immuno-oncology pathways.

At the core of CytomX’s pipeline is Pacmilimab (CX-072), an anti–PD-L1 Probody therapeutic currently undergoing clinical evaluation for multiple solid tumor indications.