|Over a week ago|
Guggenheim taking more conservative view, downgrades CytomX to Neutral » 09:1209/2209/22/20
As previously reported,…
As previously reported, Guggenheim analyst Etzer Darout downgraded CytomX Therapeutics to Neutral from Buy. While still positive on the long-term opportunity for the company's "conditional activation" probody technology platform, Darout sees a lack of upside opportunities to internally develop pipeline programs, the analyst tells investors. Darout is also taking a more conservative view on partnership programs given the rapidly evolving landscape in oncology and a lack of visibility into CytomX's partnerships, the analyst added. Based on a sum-of-the-parts analyst, Darout estimates a fair value range for CytomX at $7 to $8 per share.
CytomX Therapeutics downgraded to Neutral from Buy at Guggenheim » 06:1309/2209/22/20
Guggenheim analyst Etzer…
Guggenheim analyst Etzer Darout downgraded CytomX Therapeutics to Neutral from Buy.
CytomX Therapeutics announces employment inducement grants » 08:0309/1809/18/20
CytomX Therapeutics announced that on September 15, 2020, the Company granted nine new employees options to purchase a total of 211,000 shares of the Company's common stock at an exercise price per share equal to $7.22, which was the closing trading price on September 15, 2020, the date of the grant. The stock options were granted pursuant to the Company's 2019 Employment Inducement Incentive Plan, which was approved by the Company's board of directors in August 2020 under Rule 5635(c)(4) of The Nasdaq Global Market for equity grants to induce new employees to enter into employment with the Company.
CytomX Therapeutics price target lowered to $8.50 from $11 at Citi » 06:2109/1509/15/20
Citi analyst Mohit Bansal…
Citi analyst Mohit Bansal lowered the firm's price target on CytomX Therapeutics to $8.50 from $11 and keeps a Neutral rating on the shares. As the stock currently trades around the current cash value of $7 per share, it would not take a lot for the stock to recover from here, Bansal tells investors in a research note. However, most of the Phase 2 catalysts for the company are now in late 2021, adds the analyst. Bansal believes this may keep the stock range bound "for some more time."
|Over a month ago|
Arcus Biosciences names Bob Goeltz CFO » 16:1107/0707/07/20
RCUS, UBX, CTMX, GILD
Arcus Biosciences (RCUS)…
Arcus Biosciences (RCUS) announced that Bob Goeltz will join Arcus as Chief Financial Officer on August 1, 2020. Goeltz most recently served as Chief Financial Officer and Senior Vice President of UNITY Biotechnology (UBX) and immediately before that as Chief Financial Officer of CytomX Therapeutics (CTMX). "Following the recent announcement of our 10-year collaboration with Gilead (GILD) and successful $348 million financial offering, combined with our growing portfolio of programs, I am confident Bob will play an integral role in advancing Arcus through our next phase of growth towards commercialization and beyond," said Terry Rosen, Ph.D., Chief Executive Officer of Arcus. "Bob's experience in navigating the strategic and operational decisions necessary to transition the opportunities derived from an intense, deep and innovative R&D effort through the commercialization process to broadly benefit patients will be central to Arcus's future success. With the potential to have three molecules in registrational studies in 2021, a prolific discovery team and a uniquely enabling and nascent alliance with Gilead, Bob joins Arcus at a seminal inflection point, with the opportunity to make Arcus's vision of creating, developing and commercializing innovative and curative therapies for cancer a reality."
|Over a quarter ago|
CytomX announces preclinical data from Anti-CTLA-4 probody therapeutic programs » 09:1206/2206/22/20
CytomX Therapeutics (CMTX) announced that its partner Bristol Myers Squibb (BMY) presented preclinical data from BMS-986249 and BMS-986288, anti-CTLA-4 Probody therapeutics generated with CytomX's novel Probody technology platform. The electronic poster #4551 titled "Preclinical characterization of novel anti-CTLA-4 prodrug antibodies with an enhanced therapeutic index" was presented as part of the Therapeutic Antibodies 3 Session at the American Association of Cancer Research's 2020 Virtual Annual Meeting II. BMS-986249 is a Probody version of the anti-CTLA-4 antibody ipilimumab. In February 2020, Bristol Myers Squibb treated the first patient in a Part 2a randomized cohort expansion in an ongoing Phase 1/2a trial of BMS-986249 in combination with Opdivo in patients with metastatic melanoma. Additional information is available at ClinicalTrials.gov using the Identifier NCT03369223. BMS-986288 is a Probody of a nonfucosylated version of ipilimumab. In September 2019, Bristol Myers Squibb initiated the dose escalation phase of a Phase 1/2a clinical trial of BMS-986288 administered as monotherapy and in combination with nivolumab in patients with selected advanced solid tumors. Additional information is available at ClinicalTrials.gov using the Identifier NCT03994601. These Probody programs, designed to optimize the therapeutic index of CTLA-4-directed therapy, arose from the companies' 2014 worldwide oncology license and collaboration agreement.
Jefferies 'underwhelmed' by CytomX presentations at ASCO, downgrades to Hold » 08:1406/0106/01/20
As previously reported,…
As previously reported, Jefferies analyst Biren Amin downgraded CytomX Therapeutics to Hold from Buy with a price target of $10, down from $16. Amin was "underwhelmed across the board" by the multiple presentations at ASCO regarding CytomX Therapeutics' clinical stage pipeline programs and partnered pipeline, the analyst tells investors. Of key investor interest, data for CX-2029 suggests a narrow therapeutic index and raises concerns about safety issues, the analyst added. Amin also sees "a lack of clear strategy" for CX-072 and a "challenging" path for CX-2009.
CytomX Therapeutics downgraded to Hold from Buy at Jefferies » 05:0606/0106/01/20
Jefferies analyst Biren…
Jefferies analyst Biren Amin downgraded CytomX Therapeutics to Hold from Buy with a price target of $10, down from $16.
CytomX ASCO data sets point torwards Probody validation, says Piper Sandler » 11:0205/2905/29/20
Piper Sandler analyst…
Piper Sandler analyst Joseph Catanzaro made no change to his Overweight rating after CytomX Therapeutics released initial Phase I/II data for CX-2029 and BMS-986249, as well updated data for CX-2009 and CX-07, at the virtual ASCO meeting, saying all data sets continue to point towards Probody validation. For both CX-2029 and CX-2009 programs, Catanzaro says he thinks expansion cohort data at the move-forward dose with prophylaxis measures in more homogenous, less heavily pretreated patients could provide definitive validation of the platform.
CytomX Therapeutics programs 'highlighted at ASCO20 virtual program » 08:4405/2905/29/20
CytomX Therapeutics announced the availability of oral and poster presentations at the American Society of Clinical Oncology's ASCO20 Virtual Scientific Program taking place from May 29 - May 31. "A comprehensive body of evidence was presented today at ASCO 2020 that continues to validate our approach to conditional antibody activation and therapeutic target engagement with the Probody platform," said Amy Peterson, M.D., chief development officer of CytomX Therapeutics. "The seven presentations collectively highlight the potential of the Probody platform to enable successful engagement of previously undruggable targets, like CD71 and CD166, and create next generation immune-checkpoint inhibitors such as the anti-PD-L1 Probody therapeutic, CX-072, and BMS-986249, a Probody version of ipilimumab. The findings underpin the advancement of all four drug candidates into Phase 2 and our commitment to bringing meaningful advances to patients living with cancer." CX-2029: Validating CD71 As A First-in-Class Oncology Target In the oral abstract 3502, Dr. Melissa Johnson of the Sarah Cannon Research Institute at Tennessee Oncology, presented preliminary clinical data from the first-in-human, dose-escalation, monotherapy Phase 1 study of CX-2029, a Probody drug conjugate, PDC, targeting CD71 (transferrin receptor. CX-2029 is conjugated to the cytotoxic payload MMAE and is being developed by CytomX in partnership with AbbVie. As of an April 20, 2020 data cutoff, 45 patients with advanced solid tumors were enrolled into 8 escalating dose cohorts between 0.1 mg/kg - 5 mg/kg CX-2029 administered intravenously every three weeks.