Why Is CytomX Therapeutics Stock Falling On Wednesday?

On Tuesday, CytomX Therapeutics announced a public offering of 45.9 million shares at $5.30 per share, pre-funded warrants to purchase 1.179 million shares.The company will use the proceeds for the continued development of Varseta-M and other pipeline programs.CytomX Colorectal Data Shows 32% ResponseThe company’s stock rallied following recent data on colorectal cancer treatment.The latest data revealed positive response rates in colorectal cancer patients, with expansion cohorts showing a 32% response rat ...