Analyst Mitchell Kapoor from H.C. Wainwright reiterated a Buy rating on CytomX Therapeutics (CTMX – Research Report) and keeping the price target at $5.00.
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Mitchell Kapoor’s rating is based on the promising developments in CytomX Therapeutics’ clinical trials, particularly the initiation of the Phase 1 trial for CX-801 in combination with Keytruda for metastatic melanoma. The successful dosing of the first patient in this trial, following the clearance of initial monotherapy dose escalation cohorts, suggests a positive trajectory for the combination therapy. The potential for CX-801 to offer a substantial benefit over existing treatments like Keytruda + Yervoy is a key factor in the optimistic outlook.
Furthermore, the recent positive data from CX-2051, which uses the same Probody masking technology, adds to the confidence in the CX-801 program by mitigating risks. While the bar for success in melanoma treatment is high, the likelihood of outright clinical failures is considered low, providing a favorable environment for the development of CX-801. The valuation analysis, which includes a 13% discount rate and a 25% probability of approval for CX-2051, supports a 12-month price target of $5, reinforcing the Buy rating.
According to TipRanks, Kapoor is an analyst with an average return of -25.7% and a 24.71% success rate. Kapoor covers the Healthcare sector, focusing on stocks such as Sarepta Therapeutics, Ionis Pharmaceuticals, and Summit Therapeutics.
In another report released on May 15, Piper Sandler also reiterated a Buy rating on the stock with a $5.00 price target.