24/7 Market News Snapshot 07 November, 2024 – CytomX Therapeutics, Inc. (NASDAQ:CTMX)

November 7, 2024

DENVER, Colo., 07 November, 2024 (247marketnews.com) – (NASDAQ:CTMX) are discussed in this article.
CytomX Therapeutics, Inc. (CTMX) recently demonstrated significant market movements, opening at $1.01 with a robust increase of 5.6%, and currently trading at $1.056, supported by impressive trading volumes of 1.89 million shares. This uptick reflects a heightened investor interest and sets the stage for potential further gains, particularly if the stock maintains its position above the critical resistance level of $1.05. Traders should also keep an eye on the support level at $1.00; a drop below this point could reverse the prevailing bullish sentiment.

In conjunction with its stock performance, CytomX has disclosed promising advancements within its clinical pipeline. The company has made substantial strides in its ongoing Phase 1a dose escalation study for CX-904, a PROBODY® T-cell engager that targets EGFRxCD3. As it seeks to optimize dosages across various cancer types, potential initiation of Phase 1b cohorts is anticipated for 2025.

Furthermore, CytomX is progressing in the Phase 1 trial of CX-2051, a novel EpCAM-directed PROBODY® antibody-drug conjugate, which is currently in its fifth dose escalation cohort aimed at advanced colorectal cancer. Early data, expected in the first half of 2025, is projected to highlight the drug’s favorable tolerability and therapeutic potential.

Additionally, a new Phase 1 trial for CX-801, an interferon alpha-2b PROBODY® cytokine, is set to evaluate its efficacy in melanoma patients. Initial findings from this trial are expected in late 2025. Financially, CytomX reported total revenues of $33.4 million for the third quarter of 2024, representing a remarkable increase from the prior year, signaling robust growth driven by expanded research collaborations. As of September 30, 2024, the company reported $117.6 million in cash and investments, sufficient to support its operations through 2025. CEO Sean McCarthy expressed optimism regarding the company’s innovative initiatives, which address significant clinical needs. A conference call today will outline further details and future plans, emphasizing CytomX’s commitment to advancing its PROBODY® platform.

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