CytomX Therapeutics price target raised to $16 from $8 at Jefferies

Jefferies raised the firm’s price target on CytomX Therapeutics (CTMX) to $16 from $8 and keeps a Buy rating on the shares following the “impressive” Phase 1 Varseta-M data update in late-line metastatic colorectal cancer. The firm sees a buying opportunity with “a rare ADC asset” capable of generating about a $1B-plus opportunity in third-line and later mCRC alone, with potential to about $5B-plus as it moves into first and second-line, the analyst tells investors.