CytomX dips after launching stock offering following colorectal cancer drug data

Jefferies Financial

16/03/2026 20:39

** CytomX Therapeutics CTMX.O shares down 2.2% to $6.60 in extended trading as co looks to raise equity after promising trial data for colorectal cancer drug

** CTMX shares finished session up 44.2% at $6.75 after co said experimental cancer drug, varsetatug masetecan, continued to shrink tumors in patients who had already tried several treatments, in an early-stage trial

** Co after the bell commences $250 mln offering comprised of stock and pre-funded warrants

** Expects to use net offering proceeds for continued development of the drug and other pipeline programs, any remainder for capex, working capital and general corporate purposes

** Jefferies, Piper Sandler, Cantor and Barclays joint bookrunners

** South San Francisco, California-based CTMX has ~170.2 mln shares outstanding for about $1.1 bln market cap

** Stock up 58% YTD at the close. Stock was trading around 60 cents a year ago

** All 9 analysts covering the stock are bullish; median PT $10, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))