CytomX Therapeutics Inc. (CTMX) stock fell down by 24.81% pre-market on preliminary results of CX-2029 for cancer. The company announced the preliminary results of its Phase 2 Expansion study on December 20.
In regular trading, the stock barely kept in the green at a positive change of 0.94% at $6.45. Following the news, the stock nosedived to $4.85 in pre-market.
Currently, the 65.25 million outstanding shares of the company trade at a market capitalization of $416.94 million.
CX-2029’s Preliminary Results
CTMX is conducting a Phase 2 Expansion Study of CX-2029 in patients with either advanced sqNSCLC (squamous non-small cell lung cancer) or HNSCC (head and neck squamous cell carcinoma. The CX-2029 is developed by CTMX and AbbVie together, which is a CD71-directed ADC (activated-drug conjugate).
According to the preliminary results of the study, the objective response rate was 18.8%. Hence, it fell just below the target of 20%. Moreover, the disease control rate (DCR) was 87.5% with patients of complete response, partial response, or stable disease. In addition, CTMX observed no new safety signals in the study. Furthermore, the adverse event profile of the study was consistent with the previous phase 1.
The company intends to continue working with AbbVie on the completion of the study. Moreover, further data updates on the CX-2029 development program will be provided in 2022.
CTMX’s Recent Developments
In the month of November, the company participated in virtual fireside chats in two conferences.
Firstly, CTMX’s President, Chairman, and CEO, Sean McCarthy participated in the 12th Annual Jefferies Global Healthcare Conference. This conference was held on Thursday, November 18, 2021.
Secondly, Mr. McCarthy also participated in the 33rd Annual Piper Sandler Virtual Healthcare Conference. This was held on Tuesday, November 30, 2021.
CTMX Q3 Financial Analysis
On November 04, CTMX announced its financial results for the third quarter of 2021. CTMX’s third quarter of 2021, ended on September 30, 2021.
According to the results, the company generated revenue of $18 million in the third quarter of 2021. While the revenue showed no prominent year-over-year growth, it also missed the consensus estimate by 5.11% for the quarter.
Furthermore, the company ended the third quarter of 2021, with cash, cash equivalents, and investments of $336 million. This compares to cash, cash equivalents, and investments of $316 million on December 31, 2020.
