CytomX Therapeutics Inc reported favourable results for its ongoing trial of CX-904 on Thursday. Shares of the biotech firm are still down about 30% at writing.
CX-901 shows favourable safety profile
The PROBODY T-cell engager showed anti-cancer properties in a Phase 1a clinical study of patients with advanced pancreatic cancer.
CX-904 has an adequate safety profile as well to be administered in an outpatient setting, as per the press release on Thursday.
The data “opens broad new possibilities for T-cell engagers across many targets and cancer types”, Sean McCarthy – the chief executive of CytomX noted today.
The company based out of California, United States will update on Phase 1a dose escalation before the start of 2025. CytomX stock is now down 45% versus its year-to-date high.
CytomX stock tanks following Q1 earnings report
The price action in CytomX shares this morning is particularly interesting considering the biotechnology company also reported better-than-expected financial results for its first quarter on Thursday.
$CTMX ended its Q1 with just over $150 million in cash, equivalents, and investments excluding “$10 million of Astellas milestone achievements earned in the first quarter of 2024”.
The Nasdaq-listed firm confirmed “progress in its R&D partnerships” as well. Earlier this week, it teamed up with Merck on a clinical study of CX-801.
Wall Street currently has a consensus “hold” rating on CytomX stock that does not pay a dividend at writing.
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