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CytomX Therapeutics, Inc. (NASDAQ:CTMX) earns a spot on our list of the best penny stocks set to explode.

As of April 8, 2026, all covering analysts rate CytomX Therapeutics, Inc. (NASDAQ:CTMX) as a “Buy,” with the consensus price target of $12 indicating a 179.07% upside.

In addition to pre-funded warrants for 1,179,245 shares issued to specific investors in place of common stock, CytomX priced an underwritten public offering of 45,990,567 common shares at $5.30 each on March 17, 2026.

The agreement was scheduled to close on March 19, 2026, subject to customary conditions, with CytomX Therapeutics, Inc. (NASDAQ:CTMX) expected to generate roughly $250 million in gross proceeds before discounts and expenses. Furthermore, underwriters were given a 30-day option by the company to purchase up to 7,075,471 more shares.

According to CytomX Therapeutics, Inc. (NASDAQ:CTMX), the proceeds will be used for working capital, capital expenditures, general corporate purposes, and the development of Varseta-M and other pipeline programs.

CytomX Therapeutics, Inc. (NASDAQ:CTMX) has more flexibility moving forward with its clinical program following the raised financing.

CytomX Therapeutics, Inc. (NASDAQ:CTMX) develops conditionally activated biologics targeting the tumor microenvironment, including antibody-drug conjugates, T-cell engagers, immune modulators, and its PROBODY platform for oncology and preclinical applications.

While we acknowledge the potential of CTMX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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