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Investing.com - Oppenheimer initiated coverage on CytomX Therapeutics (NASDAQ:CTMX) with an Outperform rating and a price target of $7.00 on Thursday. The company, currently valued at $365.5 million, has demonstrated strong momentum with a 173% price return over the past six months and maintains a healthy balance sheet with more cash than debt.
The research firm cited the potential of CX-2051 as a blockbuster drug for colorectal cancer (CRC), noting that the clinical data is the most compelling seen in years for this indication.
Oppenheimer highlighted the drug’s monotherapy response rates approaching 30% in an unselected patient population, which significantly outperforms the last approved drug for this indication, fruquintinib, which had only a 2% objective response rate.
The firm suggested that CytomX’s masking technology may have found its optimal application, and credited the company for developing an antibody-drug conjugate (ADC) that represents state-of-the-art technology in the field.
Dose expansion results for CX-2051 are expected in early 2026, with Oppenheimer indicating that positive reproducibility in a larger patient group could convert skeptics and potentially drive share price appreciation.
In other recent news, CytomX Therapeutics reported strong financial performance for the first quarter of 2025, exceeding both earnings and revenue expectations. The company achieved an earnings per share of $0.27, significantly above the forecasted $0.06, and reported revenue of $50.92 million, surpassing the anticipated $29.7 million. In addition, CytomX has initiated a Phase 1 clinical trial for its novel cancer treatment, CX-801, in combination with Merck (NSE:PROR)’s KEYTRUDA® for metastatic melanoma. This follows successful early studies of CX-801 as a standalone treatment. Furthermore, CytomX received an upgrade from H.C. Wainwright, with analyst Robert Burns raising the stock from Neutral to Buy and setting a price target of $5.00. This upgrade was influenced by promising data from a study on CytomX’s EpCAM ProBody Topo-1 ADC, CX-2051, which showed a 28% response rate in patients with late-line colorectal cancer. These developments highlight CytomX’s ongoing progress in both clinical trials and financial performance.
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