Nomura initiated CytomX Therapeutics with a Buy and a $21 price target.

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BMO Capital says that in a in a "surprise announcement," CytomX Therapeutics (CTMX) this morning announced it will provide an initial CX-904 Phase 1a dose escalation update when it reports Q1 results on May 8. CytomX had previously guided to CX-904 initial Phase 1a data in solid tumors in the second half of 2024, the analyst tells investors in a research note. The firm says the Phase 1a data is intended to inform a potential decision to initiate Phase 1b expansion cohorts in specific EGFR positive tumor types in conjunction with partner Amgen (AMGN). BMO expects the stock to react positively "given current levels" to the announcement. It has a Market Perform rating on CytomX with a $3.25 price target. The stock in premarket trading is up 93% to $3.15

Shares of CytomX Therapeutics rallying after the company announced it will provide an initial CX-904 Phase 1a clinical data update on May 8 when reporting its Q1 results. The data update is being viewed by the market as sooner than expected. Shares of CytomX are up 98%, or $1.60, to $3.23 in premarket trading.