UPDATE: JPMorgan Starts CytomX Therapeutics (CTMX) at Overweight

March 29, 2021 4:52 AM EDT
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Price: $7.24 +1.12%

Rating Summary:
    12 Buy, 3 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 12 | New: 42
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(Updated - March 29, 2021 5:05 AM EDT)

JPMorgan analyst Anupam Rama initiates coverage on CytomX Therapeutics (NASDAQ: CTMX) with a Overweight rating and a price target of $14.00.

The analyst comments "CytomX’s Probody Technology Platform, at its core, seeks to address previously thought to be undruggable targets, via a focus on conditionally activated biologics (focusing on unique conditions in the tumor microenvironment to localize treatment). In our view, the early proof-of-concept data from praluzatamab ravtansine (CX-2009) / CX-2029 help validate the platform, and 4Q21 data for both products should continue to help us better understand the clinical profile of each. Our Overweight rating is driven by known data for praluzutamab /CX-2029, a catalyst-rich 4Q21, and conservative approach to the model. We have a December 2021 price target of $14, which is based on a discounted cash flow analysis. Currently our model includes revenue builds for praluzatamab and a CX-2029 profit share (we use a 40% probability of success estimate to risk-adjust revenues/profits for both assets in our DCF model, which is in line with other early clinical stage programs). We ascribe platform/technology value to account for the rest of the pipeline and partnered programs (<10% of our total valuation)."

For an analyst ratings summary and ratings history on CytomX Therapeutics click here. For more ratings news on CytomX Therapeutics click here.

Shares of CytomX Therapeutics closed at $7.62 yesterday.


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