Intrinsic value of CytomX Therapeutics - CTMX

Previous Close

$23.94

  Intrinsic Value

$7.55

stock screener

  Rating & Target

str. sell

-68%

Previous close

$23.94

 
Intrinsic value

$7.55

 
Up/down potential

-68%

 
Rating

str. sell

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 2017), $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 0.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  115
  178
  266
  386
  545
  749
  1,005
  1,320
  1,699
  2,146
  2,665
  3,258
  3,927
  4,672
  5,493
  6,390
  7,361
  8,404
  9,518
  10,701
  11,952
  13,269
  14,651
  16,098
  17,609
  19,184
  20,825
  22,533
  24,308
  26,153
Variable operating expenses, $m
  114
  176
  263
  381
  538
  740
  993
  1,303
  1,677
  2,118
  2,630
  3,215
  3,875
  4,610
  5,421
  6,306
  7,264
  8,294
  9,393
  10,560
  11,794
  13,094
  14,458
  15,886
  17,377
  18,932
  20,551
  22,236
  23,988
  25,809
Fixed operating expenses, $m
  62
  64
  65
  67
  68
  70
  71
  73
  74
  76
  77
  79
  81
  83
  85
  86
  88
  90
  92
  94
  96
  98
  101
  103
  105
  107
  110
  112
  115
  117
Total operating expenses, $m
  176
  240
  328
  448
  606
  810
  1,064
  1,376
  1,751
  2,194
  2,707
  3,294
  3,956
  4,693
  5,506
  6,392
  7,352
  8,384
  9,485
  10,654
  11,890
  13,192
  14,559
  15,989
  17,482
  19,039
  20,661
  22,348
  24,103
  25,926
Operating income, $m
  -61
  -62
  -62
  -62
  -61
  -60
  -58
  -56
  -52
  -48
  -42
  -36
  -29
  -21
  -12
  -2
  9
  20
  33
  47
  61
  76
  92
  109
  127
  145
  164
  184
  205
  227
EBITDA, $m
  -60
  -60
  -59
  -58
  -56
  -52
  -48
  -42
  -35
  -27
  -17
  -5
  9
  24
  41
  60
  80
  102
  125
  150
  177
  205
  234
  265
  298
  331
  366
  403
  441
  481
Interest expense (income), $m
  0
  0
  -11
  -8
  -3
  4
  13
  25
  39
  57
  79
  104
  134
  167
  206
  248
  295
  346
  401
  460
  523
  591
  662
  737
  815
  897
  983
  1,073
  1,166
  1,263
  1,364
Earnings before tax, $m
  -61
  -51
  -54
  -59
  -65
  -73
  -83
  -95
  -109
  -127
  -147
  -170
  -197
  -227
  -260
  -297
  -337
  -380
  -427
  -477
  -530
  -585
  -644
  -706
  -771
  -838
  -908
  -982
  -1,058
  -1,137
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
Net income, $m
  -61
  -51
  -54
  -59
  -65
  -73
  -83
  -95
  -109
  -127
  -147
  -170
  -197
  -227
  -260
  -297
  -337
  -380
  -427
  -477
  -530
  -585
  -644
  -706
  -771
  -838
  -908
  -982
  -1,058
  -1,137

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  135
  208
  311
  452
  637
  876
  1,176
  1,544
  1,987
  2,510
  3,117
  3,810
  4,593
  5,464
  6,425
  7,474
  8,609
  9,829
  11,132
  12,516
  13,979
  15,519
  17,135
  18,828
  20,595
  22,438
  24,357
  26,354
  28,430
  30,588
Adjusted assets (=assets-cash), $m
  135
  208
  311
  452
  637
  876
  1,176
  1,544
  1,987
  2,510
  3,117
  3,810
  4,593
  5,464
  6,425
  7,474
  8,609
  9,829
  11,132
  12,516
  13,979
  15,519
  17,135
  18,828
  20,595
  22,438
  24,357
  26,354
  28,430
  30,588
Revenue / Adjusted assets
  0.852
  0.856
  0.855
  0.854
  0.856
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
  0.855
Average production assets, $m
  11
  17
  26
  37
  53
  73
  98
  128
  165
  208
  258
  316
  381
  453
  533
  620
  714
  815
  923
  1,038
  1,159
  1,287
  1,421
  1,561
  1,708
  1,861
  2,020
  2,186
  2,358
  2,537
Working capital, $m
  -7
  -11
  -16
  -23
  -32
  -44
  -59
  -78
  -100
  -127
  -157
  -192
  -232
  -276
  -324
  -377
  -434
  -496
  -562
  -631
  -705
  -783
  -864
  -950
  -1,039
  -1,132
  -1,229
  -1,329
  -1,434
  -1,543
Total debt, $m
  -206
  -140
  -47
  79
  246
  461
  731
  1,062
  1,461
  1,931
  2,477
  3,102
  3,806
  4,590
  5,455
  6,399
  7,421
  8,519
  9,691
  10,937
  12,253
  13,639
  15,094
  16,617
  18,208
  19,866
  21,594
  23,391
  25,259
  27,202
Total liabilities, $m
  121
  187
  280
  407
  574
  789
  1,058
  1,390
  1,788
  2,259
  2,805
  3,429
  4,133
  4,918
  5,783
  6,726
  7,748
  8,846
  10,019
  11,264
  12,581
  13,967
  15,422
  16,945
  18,535
  20,194
  21,921
  23,718
  25,587
  27,529
Total equity, $m
  13
  21
  31
  45
  64
  88
  118
  154
  199
  251
  312
  381
  459
  546
  643
  747
  861
  983
  1,113
  1,252
  1,398
  1,552
  1,714
  1,883
  2,059
  2,244
  2,436
  2,635
  2,843
  3,059
Total liabilities and equity, $m
  134
  208
  311
  452
  638
  877
  1,176
  1,544
  1,987
  2,510
  3,117
  3,810
  4,592
  5,464
  6,426
  7,473
  8,609
  9,829
  11,132
  12,516
  13,979
  15,519
  17,136
  18,828
  20,594
  22,438
  24,357
  26,353
  28,430
  30,588
Debt-to-equity ratio
  -15.320
  -6.740
  -1.520
  1.750
  3.860
  5.260
  6.210
  6.880
  7.350
  7.690
  7.950
  8.140
  8.290
  8.400
  8.490
  8.560
  8.620
  8.670
  8.710
  8.740
  8.770
  8.790
  8.810
  8.830
  8.840
  8.850
  8.870
  8.880
  8.880
  8.890
Adjusted equity ratio
  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
  -61
  -51
  -54
  -59
  -65
  -73
  -83
  -95
  -109
  -127
  -147
  -170
  -197
  -227
  -260
  -297
  -337
  -380
  -427
  -477
  -530
  -585
  -644
  -706
  -771
  -838
  -908
  -982
  -1,058
  -1,137
Depreciation, amort., depletion, $m
  1
  2
  3
  4
  6
  8
  10
  13
  17
  21
  26
  32
  38
  45
  53
  62
  71
  82
  92
  104
  116
  129
  142
  156
  171
  186
  202
  219
  236
  254
Funds from operations, $m
  -60
  -48
  -51
  -55
  -60
  -66
  -73
  -82
  -93
  -106
  -121
  -138
  -159
  -181
  -207
  -235
  -266
  -299
  -335
  -373
  -414
  -457
  -502
  -550
  -600
  -652
  -706
  -763
  -822
  -883
Change in working capital, $m
  -3
  -4
  -5
  -7
  -9
  -12
  -15
  -19
  -22
  -26
  -31
  -35
  -39
  -44
  -48
  -53
  -57
  -62
  -66
  -70
  -74
  -78
  -82
  -85
  -89
  -93
  -97
  -101
  -105
  -109
Cash from operations, $m
  -57
  -45
  -46
  -48
  -50
  -54
  -58
  -63
  -70
  -79
  -90
  -103
  -119
  -137
  -158
  -182
  -208
  -237
  -269
  -303
  -340
  -379
  -421
  -464
  -511
  -559
  -610
  -662
  -717
  -774
Maintenance CAPEX, $m
  -1
  -1
  -2
  -3
  -4
  -5
  -7
  -10
  -13
  -16
  -21
  -26
  -32
  -38
  -45
  -53
  -62
  -71
  -82
  -92
  -104
  -116
  -129
  -142
  -156
  -171
  -186
  -202
  -219
  -236
New CAPEX, $m
  -4
  -6
  -9
  -12
  -15
  -20
  -25
  -31
  -37
  -43
  -50
  -58
  -65
  -72
  -80
  -87
  -94
  -101
  -108
  -115
  -121
  -128
  -134
  -140
  -147
  -153
  -159
  -166
  -172
  -179
Cash from investing activities, $m
  -5
  -7
  -11
  -15
  -19
  -25
  -32
  -41
  -50
  -59
  -71
  -84
  -97
  -110
  -125
  -140
  -156
  -172
  -190
  -207
  -225
  -244
  -263
  -282
  -303
  -324
  -345
  -368
  -391
  -415
Free cash flow, $m
  -62
  -52
  -57
  -62
  -70
  -79
  -90
  -104
  -120
  -139
  -161
  -187
  -216
  -248
  -283
  -322
  -364
  -410
  -458
  -510
  -565
  -623
  -683
  -747
  -813
  -883
  -955
  -1,030
  -1,108
  -1,189
Issuance/(repayment) of debt, $m
  -206
  66
  93
  126
  167
  215
  270
  331
  399
  470
  546
  624
  704
  785
  865
  944
  1,022
  1,098
  1,173
  1,245
  1,316
  1,386
  1,455
  1,523
  1,591
  1,659
  1,727
  1,797
  1,869
  1,942
Issuance/(repurchase) of shares, $m
  318
  58
  65
  73
  84
  97
  113
  132
  154
  179
  207
  239
  275
  314
  356
  402
  450
  502
  557
  615
  676
  739
  806
  875
  947
  1,022
  1,100
  1,181
  1,265
  1,353
Cash from financing (excl. dividends), $m  
  112
  124
  158
  199
  251
  312
  383
  463
  553
  649
  753
  863
  979
  1,099
  1,221
  1,346
  1,472
  1,600
  1,730
  1,860
  1,992
  2,125
  2,261
  2,398
  2,538
  2,681
  2,827
  2,978
  3,134
  3,295
Total cash flow (excl. dividends), $m
  50
  72
  101
  137
  181
  233
  293
  360
  432
  510
  592
  677
  763
  851
  938
  1,023
  1,108
  1,191
  1,271
  1,350
  1,427
  1,503
  1,577
  1,651
  1,725
  1,798
  1,873
  1,949
  2,026
  2,106
Retained Cash Flow (-), $m
  -318
  -58
  -65
  -73
  -84
  -97
  -113
  -132
  -154
  -179
  -207
  -239
  -275
  -314
  -356
  -402
  -450
  -502
  -557
  -615
  -676
  -739
  -806
  -875
  -947
  -1,022
  -1,100
  -1,181
  -1,265
  -1,353
Prev. year cash balance distribution, $m
  314
  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
  11
  18
  28
  42
  61
  86
  118
  159
  209
  268
  339
  421
  515
  620
  738
  868
  1,010
  1,163
  1,328
  1,504
  1,691
  1,888
  2,096
  2,315
  2,543
  2,782
  3,031
  3,290
  3,560
  3,841
Cash available for distribution, $m
  45
  14
  36
  64
  97
  136
  180
  228
  279
  331
  385
  437
  488
  537
  581
  622
  657
  688
  714
  735
  751
  763
  771
  776
  777
  776
  773
  767
  761
  753
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
  44
  13
  32
  53
  76
  99
  122
  142
  160
  174
  183
  187
  186
  180
  171
  158
  143
  127
  110
  93
  78
  63
  51
  40
  30
  23
  17
  12
  8
  6
Current shareholders' claim on cash, %
  50.0
  35.0
  26.7
  21.6
  18.2
  15.8
  14.0
  12.6
  11.5
  10.5
  9.7
  9.0
  8.4
  7.9
  7.4
  7.0
  6.6
  6.2
  5.9
  5.6
  5.3
  5.0
  4.8
  4.5
  4.3
  4.1
  3.9
  3.7
  3.6
  3.4

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 -14.8
Price to Sales 58.2
Price to Book 11.2
Price to Tangible Book
Price to Cash Flow -436.8
Price to Free Cash Flow -218.4
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 $72 million for the last fiscal year's total revenue generated by CytomX Therapeutics. The default revenue input number comes from 2017 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 99.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $61 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 5.4% 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 15.8%.

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 9.7%.

Life of production assets of 10 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 -5.9%. 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 - $70 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 37 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 $0.9 billion.

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COMPANY NEWS

▶ CytomX Therapeutics: 2Q Earnings Snapshot   [07:11PM  Associated Press]
▶ A guide to biotechs building boom in South City   [Jul-26-18 03:47PM  American City Business Journals]
▶ With new attack on Alzheimer's, this young biotech is hiring, grabbing more space   [Jul-23-18 03:05PM  American City Business Journals]
▶ CytomX Therapeutics: 1Q Earnings Snapshot   [May-09-18 06:13PM  Associated Press]
▶ CytomX Therapeutics beats Street 4Q forecasts   [05:01AM  Associated Press]
▶ CytomX to Present at Upcoming Investor Conferences   [Mar-01-18 04:05PM  GlobeNewswire]
▶ A Look into Amgens Collaborations in 2H17   [Jan-18-18 10:30AM  Market Realist]
▶ [$$] 5 Biotech Stocks a Pro Is Buying   [05:35AM  Barrons.com]
▶ CytomX Therapeutics Added to NASDAQ Biotechnology Index   [Dec-18-17 08:00AM  GlobeNewswire]
▶ CytomX Therapeutics reports 3Q loss   [Nov-07-17 07:03PM  Associated Press]
▶ 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]
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