On Tuesday, an analyst from Jefferies updated their outlook on shares of CytomX Therapeutics (NASDAQ:CTMX), increasing the stock price target to $2.50 from the previous $1.60. The firm kept a Hold rating on the stock. The revision follows a recent meeting with the company's management after their earnings report.
The progress of CytomX's pipeline was the focal point of the update, with particular attention on the EGFRxCD3 engager, CX-904. This candidate is anticipated to deliver Phase 1a data in the second half of 2024, which will guide the subsequent Phase 1b trials planned for 2025. The company has an agreement with Amgen (NASDAQ:AMGN) that includes a co-development option and profit sharing in the United States.
Moreover, CytomX's fully owned assets, CX-2051 and CX-801, are on schedule to begin Phase 1 trials in the first half of 2024. Despite Bristol Myers (NYSE:BMY) Squibb's decision to terminate the program for 98622, an anti-CTLA4 antibody, due to a shift in their portfolio priorities, CytomX has not yet reviewed the data from this program.
The company disclosed that it has $174 million in cash reserves, which is expected to fund operations into the second half of 2025. This financial position provides CytomX with a runway to advance its clinical programs and reach key development milestones in the coming years.
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