By Ben Glickman
Shares of CytomX Therapeutics tumbled after the company said Bristol Myers Squibb opted not to continue developing a candidate as part of a research collaboration.
The stock was down 19% to $2.03 in after-hours trading, following a 0.4% rise at Monday's close. Shares are up 62% since the start of the year.
The South San Francisco, Calif.-based biopharmaceutical company said that Bristol Myers Squibb had determined not to advance candidate BMS-986288 after an internal portfolio review.
CytomX and Bristol Myers Squibb have a research collaboration that started in 2014 and includes multiple programs.
BMS-986288 is a targeted antibody that is being evaluated to treat certain forms of cancer.
Bristol Myers Squibb doesn't plan to develop the treatment beyond its current Phase 2 study.
CytomX posted revenue of $26.6 million in the fourth quarter, compared with $20.1 million a year earlier. Analysts polled by FactSet expected $19.6 million.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
03-11-24 1807ET