Why Is CytomX (CTMX) Stock Up 180% Today?


  • CytomX (CTMX) stock is taking off on Wednesday alongside an earnings update.
  • The company announced that it will release Q1 results on May 8.
  • It will also provide a clinical trial update at that time.
CTMX Stock - Why Is CytomX (CTMX) Stock Up 180% Today?

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CytomX (NASDAQ:CTMX) stock is rocketing higher on Wednesday after the company provided investors with an update for its upcoming earnings report.

The oncology-focused biopharmaceutical company told traders that it will release its earnings report for the first quarter of 2024 when markets close on May 8, 2024. It will also host a conference call that same day starting at 5:00 p.m. Eastern.

Investors will want to keep an eye on EPS and revenue as two important metrics in this earnings report. Wall Street is expecting the company to report EPS of -6 cents alongside revenue of $22.02 million for the quarter.

In addition to that, CytomX will provide a clinical update on its Phase 1a trial of CX-904. This is a cancer treatment in development by the company and is being worked on in a partnership with Amgen (NASDAQ:AMGN).

CTMX Stock Market Movement Today

That earnings update has investors excited and with that comes heavy trading of CTMX stock. That has more than 126 million shares changing hands as of this writing. That’s well above its daily average trading volume of about 946,000 shares.

CTMX stock is up 180% as of Wednesday morning.

There are more stock market stories readily available below!

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On the date of publication, William White did not hold (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.

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