CytomX Therapeutics' CX-2051 Shows Promising Results in Colorectal Cancer Treatment: Oppenheimer Analyst Initiates Coverage with Outperform Rating

Oppenheimer analyst Matthew Biegler initiated coverage of CytomX Therapeutics with an Outperform rating and $7 price target. The firm believes CX-2051 is a blockbuster drug in colorectal cancer with compelling data, rare to see monotherapy response rates approaching 30% in an unselected population.

Oppenheimer analyst Matthew Biegler has initiated coverage on CytomX Therapeutics, Inc. (NASDAQ: CTMX) with an Outperform rating and a price target of $7.00. The analyst's bullish outlook is based on the company's promising pipeline, particularly its EpCAM PROBODY ADC candidate, CX-2051, which is showing strong anti-tumor activity in late-line metastatic colorectal cancer (CRC).

CX-2051 is a masked, conditionally activated antibody-drug conjugate (ADC) directed toward epithelial cell adhesion molecule (EpCAM), armed with a topoisomerase-1 inhibitor payload. In a recent interim Phase 1 study, CX-2051 demonstrated compelling data, with monotherapy response rates approaching 30% in an unselected patient population. This is significantly higher than the last approved drug for this indication, fruquintinib, which had only a 2% objective response rate. The drug's ability to effectively target EpCAM-expressing epithelial cancers, including CRC, positions it as a potential blockbuster.

The analyst noted that CytomX's masking technology, which conditionally activates the drug in the tumor microenvironment, may have found its optimal application in CX-2051. The company's robust pipeline, which includes other candidates like CX-801, further supports its potential for success.

CytomX Therapeutics recently reported strong financial performance for the first quarter of 2025, exceeding both earnings and revenue expectations. The company also initiated a Phase 1 clinical trial for CX-801 in combination with Merck's KEYTRUDA® for metastatic melanoma. These developments highlight CytomX's ongoing progress in both clinical trials and financial performance.

The firm expects dose expansion results for CX-2051 in early 2026, which could potentially convert skeptics and drive share price appreciation. Oppenheimer's positive outlook on CytomX Therapeutics reflects its strong momentum and potential for significant growth.

References:

[1] https://finance.yahoo.com/news/cytomx-ctmx-shares-promising-early-160945646.html
[2] https://www.nasdaq.com/press-release/cytomx-therapeutics-report-second-quarter-2025-financial-results-august-7-2025-2025
[3] https://www.benzinga.com/analyst-stock-ratings/initiation/25/07/46765270/this-lexeo-therapeutics-analyst-begins-coverage-on-a-bullish-note-here-are-top-3-initiations-for-thursday
[4] https://www.investing.com/news/analyst-ratings/oppenheimer-initiates-cytomx-therapeutics-stock-with-outperform-rating-93CH-4162350