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Tag: CytomX Therapeutics

  • CytomX Therapeutics (CTMX) Sees Rollercoaster Ride and Brief Correction in Pre-market Trading

    CytomX Therapeutics, Inc. (NASDAQ: CTMX) has had traders on the edge of their seats on the regular trade session on Wednesday with a staggering 214% surge, catapulting its stock price from $1.63 to $5.13. However, this euphoria hit a speed bump in the early premarket hours on Thursday, witnessing a 15% dip, as a correction.

    Speculation ran wild as investors scoured for a reason behind this sudden reversal. With no apparent news driving the surge, concerns loom over the possibility of a profit-taking plunge in the days ahead. Nevertheless, for now, bullish sentiment prevails among investors.

    Earnings Report and Clinical Update in Focus

    The oncology-focused biopharmaceutical company unveiled plans to disclose its first-quarter 2024 earnings report on May 8, 2024, after market close, accompanied by a conference call slated for 5:00 p.m. Eastern Time. Market observers are keenly eyeing two crucial metrics: earnings per share (EPS) and revenue. Analysts anticipate an EPS of -6 cents alongside revenue totaling $22.02 million for the quarter.

    In addition to financial updates, CytomX will shed light on its Phase 1a trial of CX-904, a promising cancer treatment developed in collaboration with Amgen (NASDAQ: AMGN).

    Market Reaction and Outlook

    The earnings anticipation has set the stage for intense CTMX stock trading activity, with over 126 million shares changing hands, dwarfing its average daily volume of approximately 946,000 shares. Despite Wednesday’s 180% surge, today’s correction reflects a growing sentiment that the rapid ascent may have reached its peak, prompting a necessary adjustment.

    However, amidst the market correction, social media platforms buzz with bullish enthusiasm, highlighting the enduring optimism surrounding CytomX Therapeutics, Inc.

    Conclusion

    In conclusion, while the premarket rollercoaster ride may have induced jitters among some investors, the upcoming earnings report and clinical update remain pivotal catalysts, shaping the trajectory of CTMX stock in the days to come.

  • CytomX Therapeutics Inc. (CTMX) Slides in the Pre-Market. Here’s why?

    CytomX Therapeutics Inc. (CTMX) stock fell down by 24.81% pre-market on preliminary results of CX-2029 for cancer. The company announced the preliminary results of its Phase 2 Expansion study on December 20.

    In regular trading, the stock barely kept in the green at a positive change of 0.94% at $6.45. Following the news, the stock nosedived to $4.85 in pre-market.

    Currently, the 65.25 million outstanding shares of the company trade at a market capitalization of $416.94 million.

    CX-2029’s Preliminary Results

    CTMX is conducting a Phase 2 Expansion Study of CX-2029 in patients with either advanced sqNSCLC (squamous non-small cell lung cancer) or HNSCC (head and neck squamous cell carcinoma. The CX-2029 is developed by CTMX and AbbVie together, which is a CD71-directed ADC (activated-drug conjugate).

    According to the preliminary results of the study, the objective response rate was 18.8%. Hence, it fell just below the target of 20%. Moreover, the disease control rate (DCR) was 87.5% with patients of complete response, partial response, or stable disease. In addition, CTMX observed no new safety signals in the study. Furthermore, the adverse event profile of the study was consistent with the previous phase 1.

    The company intends to continue working with AbbVie on the completion of the study. Moreover, further data updates on the CX-2029 development program will be provided in 2022.

    CTMX’s Recent Developments

    In the month of November, the company participated in virtual fireside chats in two conferences.

    Firstly, CTMX’s President, Chairman, and CEO, Sean McCarthy participated in the 12th Annual Jefferies Global Healthcare Conference. This conference was held on Thursday, November 18, 2021.

    Secondly, Mr. McCarthy also participated in the 33rd Annual Piper Sandler Virtual Healthcare Conference. This was held on Tuesday, November 30, 2021.

    CTMX Q3 Financial Analysis

    On November 04, CTMX announced its financial results for the third quarter of 2021. CTMX’s third quarter of 2021, ended on September 30, 2021.

    According to the results, the company generated revenue of $18 million in the third quarter of 2021. While the revenue showed no prominent year-over-year growth, it also missed the consensus estimate by 5.11% for the quarter.

    Furthermore, the company ended the third quarter of 2021, with cash, cash equivalents, and investments of $336 million. This compares to cash, cash equivalents, and investments of $316 million on December 31, 2020.