Oppenheimer analyst Matthew Biegler raised the price target on CytomX Therapeutics (NASDAQ: CTMX) to $12.00 (from $10.00) while maintaining a Outperform rating.

The analyst commented, "CytomX reported updated expansion data from CX-2051 (varsetatug masetecan) that, in our view, handily exceeded even the upside case outline in our recent scenario analysis. Confirmed ORR reached 32% at the 10 mg/kg dose with median PFS of 7.1 months, while the 8.6 mg/kg cohort showed a 20% ORR and 6.8 month PFS. Safety also improved with optimized prophylaxis. Grade 3 diarrhea fell to 10% in dose-optimization cohorts treated with prophylactic loperamide and budesonide, supporting the hypothesis raised in our KOL work that GI tox would be manageable. These data continue to support our view that CX-2051 could be a game-changer for patients with colon cancer, and may have room to move up the treatment paradigm. Increasing PT to $12 (from $10). Reiterate Outperform."