Wedbush upgrades CytomX to Outperform on ‘encouraging’ CX-904 Phase 1a data

As previously reported, Wedbush upgraded CytomX Therapeutics (CTMX) to Outperform from Neutral with an $8 price target. The firm notes CytomX shared initial dose-escalation data for its masked EGFR x CD3 T-cell engager CX-904 program currently in development in a collaboration with Amgen (AMGN). While early, Wedbush believes the data is encouraging, and looks forward to confirmation of the efficacy signal in pancreatic cancer patients, and insight into activity in other tumor types. The firm also notes that CytomX has recently announced entering into a supply agreement and collaboration with Merck (MRK) to assess CX-801 in combination with pembrolizumab in a variety of solid tumors. Wedbush cites additional promising validation of the masking technology for TCEs and progression of the clinical pipeline programs for the upgrade.