“Loss per share was $0.53, compared to our estimated EPS of $0.00. This was primarily the result of higher than expected operating expenses, which exceeded our estimate by 26.7%. R&D expense of $27.5 million was higher than our estimated $19.1 million. In addition, collaboration revenue was lower than expected due to a change in collaboration revenue recognition. A detailed, and promising, pipeline and regulatory update was provided and is included in this report.”,” the firm’s analyst commented.
Other equities research analysts have also issued research reports about the company. BidaskClub lowered CytomX Therapeutics from a hold rating to a sell rating in a research note on Wednesday, August 15th. HC Wainwright set a $32.00 price objective on CytomX Therapeutics and gave the company a buy rating in a research note on Wednesday, October 24th. ValuEngine lowered CytomX Therapeutics from a buy rating to a hold rating in a research note on Monday, September 17th. Zacks Investment Research lowered CytomX Therapeutics from a hold rating to a sell rating in a research note on Tuesday, October 9th. Finally, Goldman Sachs Group began coverage on CytomX Therapeutics in a research note on Monday, October 15th. They set a neutral rating and a $21.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. CytomX Therapeutics presently has a consensus rating of Hold and an average price target of $34.88.
CytomX Therapeutics (NASDAQ:CTMX) last posted its quarterly earnings data on Thursday, November 8th. The biotechnology company reported ($0.53) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.42) by ($0.11). The business had revenue of $12.51 million for the quarter, compared to the consensus estimate of $16.42 million. CytomX Therapeutics had a negative net margin of 68.90% and a negative return on equity of 96.63%. On average, equities analysts predict that CytomX Therapeutics will post -1.58 earnings per share for the current year.
In related news, CFO Debanjan Ray sold 3,000 shares of the business’s stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $15.00, for a total transaction of $45,000.00. Following the transaction, the chief financial officer now owns 8,928 shares in the company, valued at approximately $133,920. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Sean A. Mccarthy sold 13,052 shares of the business’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $21.86, for a total value of $285,316.72. Following the transaction, the insider now owns 95,115 shares in the company, valued at approximately $2,079,213.90. The disclosure for this sale can be found here. In the last three months, insiders sold 28,578 shares of company stock valued at $550,757. 8.50% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. FMR LLC increased its holdings in CytomX Therapeutics by 0.9% during the 2nd quarter. FMR LLC now owns 5,843,626 shares of the biotechnology company’s stock valued at $133,586,000 after purchasing an additional 51,953 shares during the period. BlackRock Inc. increased its holdings in CytomX Therapeutics by 28.5% during the 2nd quarter. BlackRock Inc. now owns 3,226,401 shares of the biotechnology company’s stock valued at $73,755,000 after purchasing an additional 716,096 shares during the period. Renaissance Technologies LLC increased its holdings in CytomX Therapeutics by 46.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,411,500 shares of the biotechnology company’s stock valued at $32,267,000 after purchasing an additional 450,300 shares during the period. Victory Capital Management Inc. increased its holdings in CytomX Therapeutics by 658.9% during the 3rd quarter. Victory Capital Management Inc. now owns 890,400 shares of the biotechnology company’s stock valued at $16,472,000 after purchasing an additional 773,080 shares during the period. Finally, Aquilo Capital Management LLC purchased a new position in CytomX Therapeutics during the 2nd quarter valued at about $14,853,000. Institutional investors own 71.53% of the company’s stock.
About CytomX Therapeutics
CytomX Therapeutics, Inc operates as an oncology-focused biopharmaceutical company in the United States. The company develops a novel class of investigational antibody therapeutics based on its Probody technology platform for the treatment of cancer. Its product candidates in clinical stage include CX-072, a Probody therapeutic targeting programmed cell death ligand 1 anti-cancer target; CX-2009, a Probody drug conjugate (PDC) against CD166 novel tumor antigen; BMS-986249, a CTLA-4 Probody therapeutic drug; CX-2029, a PDC targeting CD71; and CX-188, a Probody therapeutic targeting PD-1 anti-cancer target.
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