JPMorgan upgraded CytomX Therapeutics to Neutral from Underweight without a price target. The company is entering a “catalyst rich period” over the next 6-18 months, the analyst tells investors in a research note. While the company is in an execution phase in the near term for key programs, over the next 6-18 months, each of these programs will have early stage readouts, says the firm. JPMorgan believes that current valuation levels, CytomX only needs one of its programs to move forward for material share upside.
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