CytomX dips after launching stock offering following colorectal cancer drug data

CytomX Therapeutics CTMX.O shares down 2.2% to $6.60 in extended trading as co looks to raise equity after promising trial data for colorectal cancer drug

CTMX shares finished session up 44.2% at $6.75 after co said experimental cancer drug, varsetatug masetecan, continued to shrink tumors in patients who had already tried several treatments, in an early-stage trial

Co after the bell commences $250 mln offering comprised of stock and pre-funded warrants

Expects to use net offering proceeds for continued development of the drug and other pipeline programs, any remainder for capex, working capital and general corporate purposes

Jefferies, Piper Sandler, Cantor and Barclays joint bookrunners

South San Francisco, California-based CTMX has ~170.2 mln shares outstanding for about $1.1 bln market cap

Stock up 58% YTD at the close. Stock was trading around 60 cents a year ago

All 9 analysts covering the stock are bullish; median PT $10, per LSEG data