5 Best Multibagger Penny Stocks to Invest In

4. CytomX Therapeutics, Inc. (NASDAQ:CTMX)

Share Price: $4.56

Stock Upside Potential: 217.65%

Number of Hedge Fund Holders: 33

CytomX Therapeutics, Inc. (NASDAQ:CTMX) is one of the best multibagger penny stocks to invest in. On March 23, analysts at Piper Sandler reiterated an Overweight rating on CytomX Therapeutics, Inc. (NASDAQ:CTMX) and increased the price target to $12 from $10.

The price target hike comes against the backdrop of topline Phase 1 data on varsetatug maseatecan in third-line and later metastatic colorectal cancer. Clinical trial results showed that the candidate drug achieved a 32% objective response rate and an 84% disease control rate.

The positive Phase 1 data reinforce Varseta-M’s potential as a standard of care for the treatment of colorectal cancer. CytomX is to engage the FDA to discuss the initial registration path for bringing this highly innovative, first-in-class ADC to the market.

The company has also initiated a Phase Ib study of Varseta-M combined with Avastin, as it also plans to start a Phase Ib/II trial that combines Avastin with chemotherapy in earlier-line colorectal cancer.

CytomX Therapeutics also plans to present Phase I data on CX-801 combined with KEYTRUDA in advanced melanoma patients by the end of the year. It has priced a $250 million public offering of its common stock at $5.30. The company plans to use the net proceeds from the offering to accelerate its drug development efforts.

CytomX Therapeutics, Inc. (NASDAQ:CTMX) is a clinical-stage biopharmaceutical company focused on developing novel therapeutics, which are masked, conditionally activated antibody treatments designed to target tumor microenvironments. This technology aims to improve cancer treatment safety and efficacy by localizing drug activity within tumors, reducing toxicity in healthy tissues.