Tuesday, BMO Capital Markets adjusted its price target on shares of CytomX Therapeutics (NASDAQ:CTMX), bringing it down to $3.25 from the previous $3.30. The firm retained its Market Perform rating on the biopharmaceutical company's stock.
CytomX Therapeutics reported a significant year-over-year increase in collaboration revenues for the fiscal year 2023, amounting to $101.2 million, which marks a 90% rise from the previous year. The company also confirmed its cash position of $174.5 million. This financial status is expected to provide CytomX with a sufficient runway well into the second half of 2025, consistent with their prior guidance.
The company is looking forward to the dose escalation data from the Phase 1 study of CX-904 in the second half of the year. This data will be crucial for Amgen (NASDAQ:AMGN) to make an informed decision on whether to proceed further with the development. Meanwhile, Bristol Myers (NYSE:BMY) Squibb (BMS) has decided not to advance the development of BMS-986288 beyond Phase 2. Consequently, the ongoing collaboration with BMS will now focus on preclinical programs.
In addition to these developments, CytomX provided updates on its pipeline, which were reported to align with expectations.
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