CytomX Therapeutics

CTMX · NASDAQ

$2.51+$0.17 (+7.26%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $2.34

CTMX analyst rating

BuyConsensus of 8 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy8
Hold0
Underperform0
Sell0

12-month price target · 10 analysts

Average $12.68 (+405.1% upside)

Low: $6.06
Now: $2.51
High: $16.80

Upgrades and downgrades

The latest rating actions, newest first

CTMX analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Aug 13, 2026	Maintains	Overweight	$12.00 → $11.00	48%
Guggenheim	Aug 10, 2026	Maintains	Buy	$15.00 → $14.00	62%
HC Wainwright & Co.	May 11, 2026	Maintains	Buy	$17.00 → $11.00	32%
Piper Sandler	Mar 23, 2026	Maintains	Overweight	$10.00 → $12.00	54%
Barclays	Mar 19, 2026	Maintains	Overweight	$10.00 → $16.00	46%
Jefferies	Mar 18, 2026	Maintains	Buy	$8.00 → $16.00	46%
Guggenheim	Mar 18, 2026	Maintains	Buy	$10.00 → $15.00	62%
Wedbush	Mar 17, 2026	Maintains	Outperform	$6.00 → $11.00	39%
HC Wainwright & Co.	Mar 16, 2026	Maintains	Buy	$10.00 → $17.00	32%
JP Morgan	Mar 16, 2026	Upgrade	Neutral → Overweight	$7.00 → $12.00	48%

The case for and against

Updated Oct 21, 2026

Bull case

CytomX Therapeutics is attractive because its Varseta-M program is advancing with a clear near-term catalyst in 2H, where dose-optimization data, longer OS follow-up, and safety/efficacy results from the N=40 cohort could validate monotherapy dose selection and support a potential 3L or 4L mCRC registrational design planned for 1H27. The company also has multiple expansion shots on goal through Varseta-M combinations with bevacizumab and chemo, plus first-time plans to enter non-CRC EpCAM-expressing tumors such as GC/GEJ, PDAC, and BTC, broadening the addressable market beyond colorectal cancer. Financially, CTMX ended 2Q26 with $330M in cash and cash equivalents, plus $37M received in July from REGN, supporting a runway into at least 2H28 and reducing near-term funding risk.

Bear case

CytomX Therapeutics is viewed negatively because its valuation remains highly dependent on an uncertain CX-2051 outcome in 3L colorectal cancer, where failure to generate favorable clinical data, trial delays, or regulatory setbacks could undermine the core thesis. Although 1Q26 cash, equivalents, and investments totaled $346.7M and runway extends to at least 2H28, the March 2026 offering added dilution risk and management still faces the need to fund multiple clinical readouts and a potential 1H27 pivotal start. Commercially, the company remains pre-revenue and exposed to lower-than-expected product sales, new competitors, and Varseta-M tolerability and line-of-therapy positioning, keeping the risk/reward profile unattractive.

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