CytomX Therapeutics (CTMX), Bristol-Myers Squibb (BMY) Expand Collaboration; Upside Visualized in Snap Inc (SNAP)
Shares of CytomX Therapeutics, Inc. (Nasdaq:CTMX) climbed more than 30% to touch a new 52-week high in pre-market trade Monday after the oncology-focused biopharmaceutical company said that it has expanded a collaboration deal with drug giant Bristol-Myers Squibb Co. (NYSE:BMY) to discover novel therapies that will include up to eight more targets in oncology and other therapeutic areas using its Probody platform.
As part of the deal, CytomX will receive from Bristol-Myers a $200 million upfront payment with potential for up to additional $448 million based on the achievement of pre-determined product milestones for each collaboration target.
CTMX stock closed at $15.18, up $0.18 (or +1.20%) with a total volume of 280,020 shares traded on Friday.
CytomX Therapeutics, which develops novel class of antibody therapeutics based on its Probody technology platform that address clinically-validated cancer targets in immuno-oncology, has 36.52M shares outstanding. At close on Friday, the company had a market capitalization of $554.35M and CTMX stock one-year range was between $9.10 and $17.79 per share.
Brokerage firm Monness Crespi & Hardt initiated coverage on Snap Inc. (NYSE:SNAP) shares with a Buy rating and a price target of $25.00, suggesting a potential upside of 27.94% from the stock’s closing price on Friday of $19.54
Snap, which offers Snapchat, a camera application that helps people to communicate through short videos and images, has 1.19B shares outstanding, market capitalization (intraday) of $22.61B and SNAP stock range – since its debut as a public company in March 2, 2017 – is from $18.90 to $29.44 per share
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