Why CytomX Therapeutics Stock Was Skyrocketing This Week
It isn't difficult for a modestly priced stock to leap in value on a positive news item. That's the dynamic behind the monster rise these past few days of clinical-stage biotech CytomX Therapeutics (NASDAQ: CTMX).
An analyst initiated coverage of the cancer-focused drug developer, and since then its shares have been off to the races. According to data compiled by S&P Global Market Intelligence, CytomX's stock was up by a hard-to-beat 43% week to date as of early Friday morning.
The party started before market open on Monday, when Cantor Fitzgerald's Olivia Brayer launched her CytomX coverage. She tagged it with an overweight (buy, in other words) recommendation at a price target of $6 per share. That anticipates upside of more than double the most recent closing share price, even after this week's rally.
Source Fool.com
