Why Is CytomX Therapeutics Stock Falling On Wednesday?

CytomX Therapeutics Inc. (NASDAQ: CTMX) shares fell 15.32% to $4.61 on Wednesday following the announcement of a $250 million capital raise through a public offering of 45.9 million shares at $5.30 each. The funds will support the development of Varseta-M and other pipeline programs. Despite this decline, recent data showed a 32% response rate for colorectal cancer treatment, and analysts maintain a Buy rating with an average price target of $7.91, with some raising their targets significantly.