BMO Capital analyst Etzer Darout lowered the firm’s price target on CytomX Therapeutics to $3.25 from $3.30 and keeps a Market Perform rating on the shares. The company announced FY23 collaboration revenues of $101.2M and cash of $174.5M, which it expects to provide runway well into the second half of FY25, the analyst tells investors in a research note. BMO adds however that while some near-term upside on additional business development is possible, the firm also lacks conviction on longer-term prospects for internal and partnered programs.
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