CytomX shares surge more than 50% on Moderna partnership

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cytomx-shares-surge-more-than-50%-on-moderna-partnership

CytomX Therapeutics Inc. CTMX, +7.19% shares soared more than 50% in the extended session Thursday after the small biotech company announced a partnership with Moderna Inc. MRNA, -2.17% CytomX shares were last up 57% after hours, following a 7.2% rise to close the regular session at $1.79. Under the agreement, CytomX gets a $35 million up-front payment, and is eligible for up to $1.2 billion in additional payments to research and develop “messenger RNA-based conditionally activated therapeutics” with Moderna. The company also reported “encouraging clinical activity” in its CX-2029 clinical trials in partnership with AbbVie Inc. ABBV, -0.12%  

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