Intrinsic value of CytomX Therapeutics - CTMX

Previous Close

$20.16

  Intrinsic Value

$0.52

stock screener

  Rating & Target

str. sell

-97%

Previous close

$20.16

 
Intrinsic value

$0.52

 
Up/down potential

-97%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CTMX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  87.50
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  15
  24
  37
  55
  80
  114
  156
  209
  275
  354
  447
  555
  679
  818
  973
  1,144
  1,331
  1,534
  1,751
  1,983
  2,229
  2,490
  2,764
  3,052
  3,354
  3,668
  3,997
  4,339
  4,694
  5,064
  5,449
Variable operating expenses, $m
 
  117
  180
  270
  391
  552
  759
  1,018
  1,337
  1,720
  2,173
  2,698
  3,299
  3,976
  4,731
  5,562
  6,470
  7,453
  8,510
  9,638
  10,836
  12,102
  13,435
  14,835
  16,300
  17,830
  19,425
  21,087
  22,816
  24,613
  26,482
Fixed operating expenses, $m
 
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
Total operating expenses, $m
  75
  119
  182
  272
  393
  554
  761
  1,020
  1,339
  1,722
  2,176
  2,701
  3,302
  3,979
  4,734
  5,565
  6,473
  7,456
  8,513
  9,641
  10,839
  12,105
  13,438
  14,839
  16,304
  17,834
  19,429
  21,091
  22,820
  24,617
  26,486
Operating income, $m
  -60
  -95
  -145
  -216
  -313
  -441
  -605
  -811
  -1,064
  -1,369
  -1,728
  -2,146
  -2,623
  -3,161
  -3,760
  -4,421
  -5,142
  -5,923
  -6,762
  -7,658
  -8,610
  -9,615
  -10,675
  -11,786
  -12,950
  -14,165
  -15,433
  -16,752
  -18,125
  -19,553
  -21,037
EBITDA, $m
  -58
  -93
  -143
  -212
  -307
  -432
  -593
  -796
  -1,044
  -1,343
  -1,695
  -2,105
  -2,573
  -3,101
  -3,689
  -4,337
  -5,044
  -5,810
  -6,634
  -7,512
  -8,446
  -9,433
  -10,472
  -11,562
  -12,704
  -13,896
  -15,139
  -16,434
  -17,781
  -19,182
  -20,637
Interest expense (income), $m
  0
  0
  -3
  -3
  -2
  -1
  0
  1
  3
  6
  8
  12
  16
  20
  25
  31
  37
  43
  51
  58
  67
  75
  85
  94
  105
  116
  127
  139
  151
  163
  177
Earnings before tax, $m
  -59
  -95
  -142
  -213
  -311
  -439
  -605
  -812
  -1,068
  -1,374
  -1,737
  -2,157
  -2,638
  -3,181
  -3,785
  -4,451
  -5,179
  -5,966
  -6,813
  -7,716
  -8,676
  -9,691
  -10,759
  -11,881
  -13,055
  -14,281
  -15,559
  -16,891
  -18,276
  -19,717
  -21,214
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -59
  -95
  -142
  -213
  -311
  -439
  -605
  -812
  -1,068
  -1,374
  -1,737
  -2,157
  -2,638
  -3,181
  -3,785
  -4,451
  -5,179
  -5,966
  -6,813
  -7,716
  -8,676
  -9,691
  -10,759
  -11,881
  -13,055
  -14,281
  -15,559
  -16,891
  -18,276
  -19,717
  -21,214

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  182
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  199
  27
  42
  63
  91
  129
  177
  238
  312
  401
  507
  629
  769
  928
  1,104
  1,298
  1,509
  1,739
  1,985
  2,248
  2,528
  2,823
  3,134
  3,461
  3,802
  4,159
  4,531
  4,919
  5,322
  5,742
  6,177
Adjusted assets (=assets-cash), $m
  17
  27
  42
  63
  91
  129
  177
  238
  312
  401
  507
  629
  769
  928
  1,104
  1,298
  1,509
  1,739
  1,985
  2,248
  2,528
  2,823
  3,134
  3,461
  3,802
  4,159
  4,531
  4,919
  5,322
  5,742
  6,177
Revenue / Adjusted assets
  0.882
  0.889
  0.881
  0.873
  0.879
  0.884
  0.881
  0.878
  0.881
  0.883
  0.882
  0.882
  0.883
  0.881
  0.881
  0.881
  0.882
  0.882
  0.882
  0.882
  0.882
  0.882
  0.882
  0.882
  0.882
  0.882
  0.882
  0.882
  0.882
  0.882
  0.882
Average production assets, $m
  6
  9
  14
  20
  30
  42
  57
  77
  101
  130
  164
  204
  249
  300
  357
  420
  489
  563
  643
  728
  818
  914
  1,015
  1,120
  1,231
  1,346
  1,467
  1,592
  1,723
  1,859
  2,000
Working capital, $m
  152
  -48
  -74
  -111
  -161
  -227
  -312
  -419
  -550
  -708
  -894
  -1,110
  -1,357
  -1,636
  -1,947
  -2,289
  -2,663
  -3,067
  -3,502
  -3,966
  -4,459
  -4,980
  -5,529
  -6,105
  -6,707
  -7,337
  -7,993
  -8,677
  -9,389
  -10,128
  -10,897
Total debt, $m
  0
  -97
  -83
  -64
  -39
  -5
  38
  93
  160
  240
  335
  445
  572
  714
  872
  1,047
  1,237
  1,444
  1,666
  1,902
  2,154
  2,420
  2,700
  2,994
  3,301
  3,622
  3,957
  4,306
  4,669
  5,046
  5,439
Total liabilities, $m
  121
  24
  38
  57
  82
  116
  159
  214
  281
  361
  456
  566
  693
  835
  993
  1,168
  1,358
  1,565
  1,787
  2,023
  2,275
  2,541
  2,821
  3,115
  3,422
  3,743
  4,078
  4,427
  4,790
  5,167
  5,560
Total equity, $m
  78
  3
  4
  6
  9
  13
  18
  24
  31
  40
  51
  63
  77
  93
  110
  130
  151
  174
  199
  225
  253
  282
  313
  346
  380
  416
  453
  492
  532
  574
  618
Total liabilities and equity, $m
  199
  27
  42
  63
  91
  129
  177
  238
  312
  401
  507
  629
  770
  928
  1,103
  1,298
  1,509
  1,739
  1,986
  2,248
  2,528
  2,823
  3,134
  3,461
  3,802
  4,159
  4,531
  4,919
  5,322
  5,741
  6,178
Debt-to-equity ratio
  0.000
  -35.470
  -19.780
  -10.250
  -4.260
  -0.400
  2.160
  3.910
  5.120
  5.980
  6.610
  7.080
  7.430
  7.700
  7.900
  8.070
  8.200
  8.300
  8.390
  8.460
  8.520
  8.570
  8.610
  8.650
  8.680
  8.710
  8.730
  8.750
  8.770
  8.790
  8.800
Adjusted equity ratio
  -6.118
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -59
  -95
  -142
  -213
  -311
  -439
  -605
  -812
  -1,068
  -1,374
  -1,737
  -2,157
  -2,638
  -3,181
  -3,785
  -4,451
  -5,179
  -5,966
  -6,813
  -7,716
  -8,676
  -9,691
  -10,759
  -11,881
  -13,055
  -14,281
  -15,559
  -16,891
  -18,276
  -19,717
  -21,214
Depreciation, amort., depletion, $m
  2
  2
  3
  4
  6
  8
  12
  15
  20
  26
  33
  41
  50
  60
  71
  84
  98
  113
  129
  146
  164
  183
  203
  224
  246
  269
  293
  318
  345
  372
  400
Funds from operations, $m
  41
  -93
  -139
  -209
  -305
  -431
  -593
  -797
  -1,047
  -1,348
  -1,704
  -2,117
  -2,588
  -3,121
  -3,714
  -4,367
  -5,081
  -5,854
  -6,684
  -7,571
  -8,513
  -9,508
  -10,556
  -11,657
  -12,808
  -14,011
  -15,266
  -16,572
  -17,932
  -19,345
  -20,814
Change in working capital, $m
  43
  -18
  -26
  -37
  -50
  -66
  -85
  -107
  -131
  -158
  -186
  -216
  -247
  -279
  -311
  -342
  -374
  -404
  -435
  -464
  -493
  -521
  -549
  -576
  -603
  -630
  -657
  -684
  -711
  -740
  -769
Cash from operations, $m
  -2
  -75
  -113
  -172
  -255
  -365
  -508
  -690
  -916
  -1,191
  -1,518
  -1,900
  -2,341
  -2,842
  -3,403
  -4,025
  -4,707
  -5,449
  -6,249
  -7,107
  -8,020
  -8,987
  -10,008
  -11,081
  -12,206
  -13,382
  -14,609
  -15,889
  -17,220
  -18,605
  -20,045
Maintenance CAPEX, $m
  0
  -1
  -2
  -3
  -4
  -6
  -8
  -11
  -15
  -20
  -26
  -33
  -41
  -50
  -60
  -71
  -84
  -98
  -113
  -129
  -146
  -164
  -183
  -203
  -224
  -246
  -269
  -293
  -318
  -345
  -372
New CAPEX, $m
  -2
  -3
  -5
  -7
  -9
  -12
  -16
  -20
  -24
  -29
  -34
  -40
  -45
  -51
  -57
  -63
  -69
  -74
  -80
  -85
  -90
  -96
  -101
  -106
  -111
  -116
  -120
  -125
  -131
  -136
  -141
Cash from investing activities, $m
  46
  -4
  -7
  -10
  -13
  -18
  -24
  -31
  -39
  -49
  -60
  -73
  -86
  -101
  -117
  -134
  -153
  -172
  -193
  -214
  -236
  -260
  -284
  -309
  -335
  -362
  -389
  -418
  -449
  -481
  -513
Free cash flow, $m
  44
  -79
  -120
  -182
  -268
  -383
  -532
  -721
  -956
  -1,240
  -1,578
  -1,973
  -2,427
  -2,943
  -3,520
  -4,159
  -4,860
  -5,621
  -6,442
  -7,320
  -8,256
  -9,246
  -10,291
  -11,389
  -12,540
  -13,744
  -14,999
  -16,307
  -17,669
  -19,086
  -20,558
Issuance/(repayment) of debt, $m
  0
  -97
  13
  19
  26
  34
  43
  55
  67
  80
  95
  110
  126
  142
  158
  175
  191
  206
  222
  237
  252
  266
  280
  294
  308
  321
  335
  349
  363
  377
  392
Issuance/(repurchase) of shares, $m
  1
  202
  143
  215
  313
  443
  610
  819
  1,075
  1,383
  1,747
  2,170
  2,652
  3,197
  3,803
  4,471
  5,200
  5,989
  6,837
  7,743
  8,704
  9,720
  10,790
  11,913
  13,089
  14,316
  15,597
  16,930
  18,317
  19,759
  21,257
Cash from financing (excl. dividends), $m  
  1
  105
  156
  234
  339
  477
  653
  874
  1,142
  1,463
  1,842
  2,280
  2,778
  3,339
  3,961
  4,646
  5,391
  6,195
  7,059
  7,980
  8,956
  9,986
  11,070
  12,207
  13,397
  14,637
  15,932
  17,279
  18,680
  20,136
  21,649
Total cash flow (excl. dividends), $m
  45
  26
  37
  52
  71
  94
  121
  152
  186
  224
  265
  307
  351
  396
  441
  486
  531
  574
  617
  659
  700
  740
  779
  818
  856
  894
  932
  971
  1,010
  1,050
  1,092
Retained Cash Flow (-), $m
  48
  -202
  -143
  -215
  -313
  -443
  -610
  -819
  -1,075
  -1,383
  -1,747
  -2,170
  -2,652
  -3,197
  -3,803
  -4,471
  -5,200
  -5,989
  -6,837
  -7,743
  -8,704
  -9,720
  -10,790
  -11,913
  -13,089
  -14,316
  -15,597
  -16,930
  -18,317
  -19,759
  -21,257
Prev. year cash balance distribution, $m
 
  182
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  6
  -106
  -163
  -242
  -349
  -489
  -667
  -889
  -1,159
  -1,483
  -1,863
  -2,301
  -2,801
  -3,362
  -3,985
  -4,669
  -5,415
  -6,220
  -7,083
  -8,004
  -8,980
  -10,011
  -11,096
  -12,233
  -13,422
  -14,664
  -15,959
  -17,306
  -18,708
  -20,166
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  6
  -97
  -142
  -200
  -270
  -355
  -450
  -555
  -666
  -777
  -885
  -982
  -1,065
  -1,129
  -1,170
  -1,187
  -1,178
  -1,145
  -1,091
  -1,017
  -929
  -831
  -727
  -623
  -522
  -428
  -343
  -268
  -204
  -152
Current shareholders' claim on cash, %
  100
  50.0
  7.7
  1.2
  0.2
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

CytomX Therapeutics, Inc. is a clinical-stage, oncology-focused biopharmaceutical company. The Company uses its Probody technology platform to create cancer immunotherapies against clinically validated targets, as well as to develop cancer therapeutics against difficult-to-drug targets. Its pipeline is focused on the development of therapies in a set of modalities: Probody cancer immunotherapies, Probody drug conjugates, T-cell engaging Probody bispecifics and ProCAR-NK cell therapies. Its product candidates include CX-072, CX-2009, CX-2029, Cytotoxic T-lymphocyte-associated protein 4 (CTLA-4) and CX-188. Its Probody platform utilizes active proteases in tumor tissue to allow monoclonal antibody-based therapies. Its investigational Probody therapeutics address clinically validated cancer targets in immuno-oncology, such as programmed death-ligand 1, against which CX-072 is directed, as well as targets, such as cluster of differentiation 166, against, which CX-2009 is directed.

FINANCIAL RATIOS  of  CytomX Therapeutics (CTMX)

Valuation Ratios
P/E Ratio -12.5
Price to Sales 49
Price to Book 9.4
Price to Tangible Book
Price to Cash Flow -367.8
Price to Free Cash Flow -183.9
Growth Rates
Sales Growth Rate 87.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -29.8%
Ret/ On Assets - 3 Yr. Avg. -41.6%
Return On Total Capital -57.8%
Ret/ On T. Cap. - 3 Yr. Avg. -437.7%
Return On Equity -57.8%
Return On Equity - 3 Yr. Avg. 961.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -380%
EBITDA Margin - 3 Yr. Avg. -461.7%
Operating Margin -400%
Oper. Margin - 3 Yr. Avg. -470.8%
Pre-Tax Margin -393.3%
Pre-Tax Margin - 3 Yr. Avg. -476.9%
Net Profit Margin -393.3%
Net Profit Margin - 3 Yr. Avg. -476.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CTMX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CTMX stock intrinsic value calculation we used $15 million for the last fiscal year's total revenue generated by CytomX Therapeutics. The default revenue input number comes from 2016 income statement of CytomX Therapeutics. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CTMX stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CTMX is calculated based on our internal credit rating of CytomX Therapeutics, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of CytomX Therapeutics.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CTMX stock the variable cost ratio is equal to 486.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2 million in the base year in the intrinsic value calculation for CTMX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for CytomX Therapeutics.

Corporate tax rate of 27% is the nominal tax rate for CytomX Therapeutics. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CTMX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CTMX are equal to 36.7%.

Life of production assets of 3.3 years is the average useful life of capital assets used in CytomX Therapeutics operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CTMX is equal to -200%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $78 million for CytomX Therapeutics - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 36.868 million for CytomX Therapeutics is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of CytomX Therapeutics at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ CytomX Breaks Out On Mash-Up With Amgen In Immuno-Oncology   [Oct-04-17 04:25PM  Investor's Business Daily]
▶ CytomX stock rockets 35% after deal with Amgen   [Oct-03-17 05:07PM  MarketWatch]
▶ CytomX Therapeutics reports 2Q loss   [Aug-07-17 11:10PM  Associated Press]
▶ CytomX Announces Management Team Changes   [May-15-17 04:01PM  GlobeNewswire]
▶ CytomX Therapeutics reports 1Q loss   [May-05-17 08:14AM  Associated Press]
▶ Bristol-Myers Partner Hits 18-Month High On Immuno-Oncology Deal   [Mar-20-17 04:10PM  Investor's Business Daily]
▶ Bristol-Myers, CytomX Extend Cancer Drug Pact   [12:52PM  at Investopedia]
▶ CytomX to Present at Upcoming Investor Conferences   [Feb-02-17 04:05PM  GlobeNewswire]
▶ Is CytomX Therapeutics Inc (CTMX) A Good Stock To Buy?   [Dec-13-16 02:05PM  at Insider Monkey]
▶ Is Kforce Inc. (KFRC) A Good Stock To Buy?   [Dec-12-16 08:52AM  at Insider Monkey]
Financial statements of CTMX
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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