CytomX Therapeutics (CTMX) Gains Analyst Confidence on Trial Progress

CytomX Therapeutics, Inc. (NASDAQ:CTMX) is one of the popular penny stocks on Robinhood to buy. On March 23, Piper Sandler analyst Joseph Catanzaro raised his price target on CytomX Therapeutics, Inc. (NASDAQ:CTMX) to $12 from $10, while maintaining an Overweight rating. This move followed encouraging Phase 1 clinical data from CytomX’s lead drug candidate, varsetatug maseatecan, or varseta-M.

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Catanzaro noted that the data from CytomX’s lead drug candidate test showed dose-dependent efficacy. In particular, the 10mg/kg dose delivered a 32% objective response rate and an 84% disease control rate.​

Building on those results, CytomX has launched a Phase Ib study combining varseta-M with Avastin, or bevacizumab, the analyst noted. The company is planning to start a separate Phase Ib/II trial combining Avastin with chemotherapy in earlier-line colorectal cancer patients. Catanzaro noted that this is a sign the company is moving the drug up the treatment ladder rather than keeping it confined to late-stage patients.​

The analyst also noted that CytomX is preparing to present Phase 1 data on CX-801 combined with Merck’s KEYTRUDA in advanced melanoma patients by the end of 2026. This, said Catanzaro, adds a second clinical catalyst to the pipeline calendar.​

Separately, on the balance sheet, CytomX ended 2025 with $137 million in cash. The company then raised an additional $250 million through a stock offering where it priced 47.2 million shares and pre-funded warrants at $5.30 per share. This brought pro forma cash to approximately $372 million and gave the company ample runway to fund its ongoing and planned trials.

CytomX Therapeutics Inc. (NASDAQ:CTMX) is a clinical-stage biopharmaceutical company that develops antibody-based therapies for cancer treatment. Its proprietary Probody technology is designed to localize therapeutic activity to tumor tissue while minimizing effects on healthy cells.

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