Today: Celldex Therapeutics Inc. (CLDX) Cut to Hold at The Zacks Investment Research

Today: Celldex Therapeutics Inc. (CLDX) Cut to Hold at The Zacks Investment Research

Zacks Investment Research downgraded shares of Celldex Therapeutics Inc. (NASDAQ:CLDX) from a buy rating to a hold rating in a report issued on Wednesday.

According to Zacks, “Celldex’s third-quarter results were encouraging with the company reporting narrower-than-expected loss and revenues surpassing expectations. The company’s efforts to build its immuno-oncology pipeline are also impressive.  The upcoming Kolltan acquisition bodes well for the company. Meanwhile, Celldex’s lead pipeline candidate, glembatumumab vedotin, is in mid-stage development for different types of cancer. We are encouraged by Celldex’s partnership agreements with big players like Bristol-Myers and Roche. However, with no approved product in its portfolio, Celldex has to depend entirely on product development and licensing agreements, contracts and grants for revenues. We are also concerned about the early-to mid- stage nature of its pipeline. With a number of ongoing studies, any development or regulatory setback would weigh heavily on the stock. Stiff competition in the immuno-oncology space remains a threat as well.”

A number of other brokerages also recently weighed in on CLDX. Roth Capital reaffirmed a buy rating and set a $7.00 target price on shares of Celldex Therapeutics in a research note on Thursday, November 10th. Cantor Fitzgerald reaffirmed a buy rating and set a $9.00 target price on shares of Celldex Therapeutics in a research note on Tuesday, November 8th. Aegis initiated coverage on shares of Celldex Therapeutics in a research note on Monday, November 7th. They set a buy rating for the company. Brean Capital initiated coverage on shares of Celldex Therapeutics in a research note on Tuesday, October 4th. They set a buy rating and a $16.00 target price for the company. Finally, Jefferies Group reaffirmed a hold rating and set a $5.00 target price (up previously from $4.00) on shares of Celldex Therapeutics in a research note on Thursday, August 11th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has an average rating of Buy and an average target price of $7.44.

Shares of Celldex Therapeutics (NASDAQ:CLDX) opened at 4.43 on Wednesday. The company’s market cap is $448.53 million. Celldex Therapeutics has a 12-month low of $2.85 and a 12-month high of $18.56. The company has a 50 day moving average of $3.78 and a 200-day moving average of $4.09.

Celldex Therapeutics (NASDAQ:CLDX) last released its quarterly earnings results on Monday, November 7th. The biopharmaceutical company reported ($0.29) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.33) by $0.04. Celldex Therapeutics had a negative net margin of 1,923.41% and a negative return on equity of 51.46%. The company earned $2.20 million during the quarter, compared to the consensus estimate of $1.09 million. During the same period in the prior year, the firm earned ($0.32) earnings per share. Celldex Therapeutics’s revenue was up 115.5% on a year-over-year basis. Equities research analysts anticipate that Celldex Therapeutics will post ($1.29) earnings per share for the current year.

Large investors have recently modified their holdings of the company. State Street Corp boosted its stake in shares of Celldex Therapeutics by 158.9% in the first quarter. State Street Corp now owns 8,561,225 shares of the biopharmaceutical company’s stock valued at $32,362,000 after buying an additional 5,254,100 shares in the last quarter. Columbia Wanger Asset Management LLC boosted its stake in shares of Celldex Therapeutics by 76.8% in the second quarter. Columbia Wanger Asset Management LLC now owns 5,261,934 shares of the biopharmaceutical company’s stock valued at $23,100,000 after buying an additional 2,285,534 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its stake in shares of Celldex Therapeutics by 1,578.9% in the third quarter. D. E. Shaw & Co. Inc. now owns 1,115,431 shares of the biopharmaceutical company’s stock valued at $4,507,000 after buying an additional 1,048,992 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Celldex Therapeutics by 7.3% in the second quarter. Vanguard Group Inc. now owns 7,263,339 shares of the biopharmaceutical company’s stock valued at $31,886,000 after buying an additional 492,102 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Celldex Therapeutics by 25.8% in the third quarter. Northern Trust Corp now owns 1,687,213 shares of the biopharmaceutical company’s stock valued at $6,817,000 after buying an additional 346,149 shares in the last quarter. Institutional investors own 67.97% of the company’s stock.

About Celldex Therapeutics

Celldex Therapeutics, Inc is a biopharmaceutical company. The Company is focused on the development and commercialization of several immunotherapy technologies for the treatment of cancer and other diseases. Its lead drug Rintega (rindopepimut and CDX-110) is a therapeutic vaccine in clinical studies for the treatment of glioblastoma patients that express a specific cancer marker known as type III epidermal growth factor receptor mutation (EGFRvIII).

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