CytomX Therapeutics (NASDAQ:CTMX) stock is taking a beating on Thursday following a clinical trial update from the oncology-focused biopharmaceutical company.
CytomX Therapeutics’ latest clinical trial update covers its Phase 1a study of CX-904, a cancer treatment in development. The company notes that the current results show a favorable safety profile and anti-cancer activity.
However, diving into the data better explains why investors aren’t happy. Of the six pancreatic cancer patients able to be evaluated by the cutoff date, only two saw confirmed partial responses. That’s not giving CTMX stockholders hope for positive results from this trial.
Expanding on that, eight patients saw measurable tumor reduction in the cutoff date of the clinical trial. To put that in perspective, the company has enrolled 35 patients in this clinical study.
CTMX Stock Reactions on Thursday
Considering the lackluster results from this clinical trial, it’s no surprise that heavy trading is pulling CTMX stock down today. This has more than 23 million shares traded as of this writing as investors sell the stock. That’s well above the company’s daily average trading volume of about 5.5 million shares.
CTMX stock is down 42.7% as of Thursday morning but is still up 41.7% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
