CytomX Therapeutics downgraded to Market Perform from Outperform at BMO Capital

BMO Capital analyst Etzer Darout downgraded CytomX Therapeutics (CTMX) to Market Perform from Outperform with a price target of $2.60, down from $3. The analyst has become more cautious on CX-2029’s opportunity after revisiting antibody-drug conjugates non-small lung cancer responses. In addition, he lacks “visibility and strong conviction” on Bristol-Myers’ (BMY) CTLA-4 Probody programs and says CytomX’s internal pipeline is “far away from meaningful data.”