CytomX Therapeutics initiated with an Outperform at Wolfe Research

Wolfe Research initiated coverage of CytomX Therapeutics (CTMX) with an Outperform rating and $6 price target The company owns the only “de-risked” epithelial cell adhesion molecule antibody-drug conjugate in clinical development, the analyst tells investors in a research note. The firm says that while toxicity is the concern, CytomX should be able to navigate this and drive acceptable Grade 3 rates. Wolfe views the recent pullback in the shares as a buying opportunity.