CytomX Therapeutics (NASDAQ:CTMX) Stock Price Passes Below 50-Day Moving Average – Here’s Why

Shares of CytomX Therapeutics, Inc. (NASDAQ:CTMX) crossed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $0.91 and traded as low as $0.68. CytomX Therapeutics shares last traded at $0.69, with a volume of 946,469 shares traded.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a “neutral” rating on shares of CytomX Therapeutics in a report on Tuesday, January 7th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $5.77.

CytomX Therapeutics Stock Down 7.0 %

The company has a market capitalization of $54.16 million, a price-to-earnings ratio of 4.07 and a beta of 1.01. The stock has a fifty day moving average price of $0.91 and a two-hundred day moving average price of $1.05.

Hedge Funds Weigh In On CytomX Therapeutics

Hedge funds have recently made changes to their positions in the business. Point72 Asset Management L.P. purchased a new position in CytomX Therapeutics in the fourth quarter valued at about $2,730,000. Prosight Management LP lifted its stake in CytomX Therapeutics by 29.2% in the fourth quarter. Prosight Management LP now owns 3,905,000 shares of the biotechnology company’s stock valued at $4,022,000 after buying an additional 882,891 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in CytomX Therapeutics by 288,736.3% during the 4th quarter. JPMorgan Chase & Co. now owns 811,630 shares of the biotechnology company’s stock valued at $836,000 after purchasing an additional 811,349 shares during the period. Millennium Management LLC boosted its position in shares of CytomX Therapeutics by 25.8% during the fourth quarter. Millennium Management LLC now owns 3,221,012 shares of the biotechnology company’s stock worth $3,318,000 after buying an additional 660,756 shares during the period. Finally, Assenagon Asset Management S.A. grew its position in CytomX Therapeutics by 32.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,644,168 shares of the biotechnology company’s stock valued at $1,940,000 after buying an additional 405,669 shares in the last quarter. Hedge funds and other institutional investors own 67.77% of the company’s stock.

CytomX Therapeutics Company Profile

CytomX Therapeutics, Inc, an oncology-focused biopharmaceutical company, focuses on developing novel conditionally activated biologics localized to the tumor microenvironment. The company utilizes conditional activation platform technology for oncology biologics research and development comprising the validation of targets for antibody-drug conjugates (ADCs), opening therapeutic window for novel T-cell engagers (TCEs) targeting solid tumors, and increasing the therapeutic index for immune modulators, such as cytokines; and PROBODY platform in preclinical research in areas outside of oncology.