CytomX Therapeutics price target raised to $15 from $10 at Guggenheim

Guggenheim raised the firm’s price target on CytomX Therapeutics (CTMX) to $15 from $10 and keeps a Buy rating on the shares. The firm, which is updating its model and estimates following the company’s recent disclosure of updated Phase 1 results in late-line CRC for lead asset Varseta-M, says the data for both the 8.6 and 10mg/kg dose levels exceeds the benchmarks for current standard of care options by “a wide margin,” which justifies increasing its view of the odds of success to 60% from 30% previously.