CytomX Therapeutics, Inc. (CTMX) Making Progress on Key Metastatic Colorectal Cancer Treatment

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.

CytomX Therapeutics, Inc. (CTMX) Making Progress on Key Metastatic Colorectal Cancer Treatment

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.

While we acknowledge the risk and potential of CTMX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CTMX and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: Motley Fool’s 10 High-Growth Stock Picks and 8 Best Blue Chip AI Stocks to Buy Now.

Disclosure: None. Follow Insider Monkey on Google News.