UPDATE: JPMorgan Starts CytomX Therapeutics (CTMX) at Overweight
- S&P 500, Nasdaq hit record closing peaks on eve of Fed meeting
- Oil steadies after hitting 2-yr high as demand hopes face supply growth
- Bitcoin (BTC) Price Pops 10% as Tesla's Musk Signals Another U-Turn on Bitcoin Payments
- Lordstown Motors (RIDE): CEO and CFO Resign, Presents Results of Investigation Of Hindenburg Research Report
- Paul Tudor Jones is 'Probably' Buying Commodities, Crypto, Gold if Fed Continues to Ignore Inflation Concerns, Endorses Bitcoin (BTC) as a Portfolio Diversifier
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)."
Shares of CytomX Therapeutics closed at $7.62 yesterday.
You May Also Be Interested In
- UPDATE: Wolfe Research Starts Omega Healthcare Investors (OHI) at Peerperform
- Wolfe Research Starts Gaming and Leisure (GLPI) at Peerperform
- Edenred (EDEN:FP) (EDNMY) PT Lowered to EUR57 at Goldman Sachs
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!