CytomX Therapeutics upgraded to Overweight at JPMorgan after late-line CRC data

As previously reported, JPMorgan analyst Anupam Rama upgraded CytomX Therapeutics (CTMX) to Overweight from Neutral with a price target of $12, up from $7, following positive results from the Phase 1 dose expansion study of varsetatug masetecan in late-line colorectal cancer. The Phase 1 dose expansion results for Varseta-M hit or exceeded the firm’s previously outlined benchmarks on both efficacy and safety for “a win scenario,” says the analyst, who now estimates peak U.S. sales for Varseta-M to be about $1.5B in late-line CRC and sees combination opportunities and upstream use representing further upside potential.