- Several Street firms have downgraded CytomX Therapeutics (NASDAQ:CTMX) after the company released disappointing phase 2 results on praluzatamab ravtansine for breast cancer Wednesday.
- Shares are down 26% in Thursday premarket trading.
- CytomX (CTMX) said it will not pursue the program alone and will seek a partner for it.
- Mizuho downgraded shares to neutral from buy and lowered the price target to $4 from $16 (~176% upside based on Thursday premarket trading). However, Mizuho does not expect praluzatamab to be partnered.
- Wedbush cut its rating to neutral from outperform and lowered its price target to $2 from $6 (~38% upside).
- The firm removed potential pralumzatamab revenue from its estimates as it expects the company to focus on other pipeline assets, such as CX-2029 which is in phase 2 for solid tumors and is partnered with AbbVie (ABBV).
- Piper Sandler also downgraded CytomX (CTMX) from outperform to neutral with a new $1.50 price target, down from $10 (~3% upside).
- Seeking Alpha's Quant Rating views CytomX (CTMX) as a hold.
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