CytomX Therapeutics (CTMX) KOL Event Does Not Reduce Side Effect Overhang - Mizuho Securities
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Mizuho Securities analyst Mara Goldstein reiterated a Buy rating and $16.00 price target on CytomX Therapeutics (NASDAQ: CTMX) after attending a KOL event with a deep dive into Probody technology, its applicability to targeting undruggable targets, and an overview of Probodyenabled candidates praluzatamab ravtansine (CX-2009) and CX-2029.
The analyst stated "Our main takeaway is that in spite of evidence of therapeutic activity, the meeting did
little to alleviate the current side-effect-related overhang on the shares at this point. We see CX-2009 as less of a concern but the event did not, in our view, provide enough support to improve the probability of success of CX-2029 for investors. We expect shares to remain weak until data in 4Q21, though it is our view that a bias to the upside exists once a fuller clinical picture emerges."
Shares of CytomX Therapeutics closed at $7.60 yesterday.
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