Shares of CytomX Therapeutics (NASDAQ:CTMX) are skyrocketing in after-hours trading. This can be attributed to an agreement with Moderna (NASDAQ:MRNA) to create mRNA therapies with its technology.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
The agreement will allow the companies to develop treatments for oncology and non-oncology conditions. Most importantly, CytomX Therapeutics has the potential to receive up to $1.2 billion in payments based on meeting certain requirements.
Overall, Wall Street analysts have a consensus price target of $3.30 on CTMX stock, as indicated by the graphic above. However, this is likely to change tomorrow following today’s announcement.