Cantor Fitzgerald analyst Varun Kumar last night initiated coverage of CytomX Therapeutics with an Overweight rating and $21 price target. The company's lead early-stage clinical assets, based on modified antibodies, are "partially derisked and are highly discounted at the current valuation," Kumar tells investors in a research note. For CX-2009, the analyst thinks clinical updates over the next year months should alleviate investor concerns about its safety profile and that risk of a potential clinical setback is overstated. He sees a "compelling" risk/reward for shares of CytomX.