CytomX Therapeutics initiated with a Buy at SunTrust. SunTrust analyst Peter Lawson initiated CytomX Therapeutics with a Buy rating and $38 price target. In a research note to investors, Lawson said he is “encouraged” by the biopharma validation of CytomX’s platform, while the company retains ownership of a major part of its pipeline, and believes ASCO and 2H data validates the CX-072 platform for safety and efficacy. Additionally, Lawson contends that 2H data for CX-2009 will validate the company’s strategy of targeting “undruggable” antigens, unlocking two components of CytomX’s valuation. Further, he believes three readouts in 2018 — updated CX-027 data at ASCO, initial Phase 1/2 data from CX-2009 in the second half of the year, and follow-on Phase 1/2 data from CX-072 in the second half — could be positive for the company.
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