Wedbush analyst Robert Driscoll downgraded CytomX Therapeutics to Neutral from Outperform with a price target of $8, down from $25. In a research note to investors, Driscoll says he is stepping to the sidelines given a lack of a short-term catalysts or compelling path forward for wholly-owned PD-L1 Probody CX-072, although he notes clear activity and a favorable safety and tolerability profile demonstrated thus far that has validated the Probody technology platform. Despite the downgrade, Driscoll says he remains "upbeat" for the potential of CX-072 to be utilized as a combination partner going forward.