CytomX Therapeutics initiated with an Outperform at Oppenheimer

Oppenheimer analyst Matthew Biegler initiated coverage of CytomX Therapeutics (CTMX) with an Outperform rating and $7 price target The firm believes the company’s CX-2051 is blockbuster drug in colorectal cancer. Data for CX-2051 is the most compelling Oppenheimer has seen in years. It is rare to see monotherapy response rates approaching 30% in an unselected population, the analyst tells investors in a research note.