Zacks Investment Research Lowers Celldex Therapeutics Inc. (CLDX) to Hold
Celldex Therapeutics Inc. (NASDAQ:CLDX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Celldex’s efforts to build its immuno-oncology pipeline are encouraging. Lead pipeline candidate, glembatumumab vedotin, is in mid-stage development for different types of cancer. Meanwhile, varlilumab is being evaluated in combination with several other drugs. We are encouraged by Celldex’s partnership agreements with big players like Bristol-Myers and Roche. The loss estimates have gone down lately ahead of the company’s Q3 earnings release. The company has a positive record of earnings surprises in recent quarters. 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. Investor focus will remain on pipeline updates.”
Several other research firms have also weighed in on CLDX. Brean Capital initiated coverage on shares of Celldex Therapeutics in a report on Tuesday, October 4th. They set a “buy” rating and a $16.00 target price on the stock. Jefferies Group reiterated a “hold” rating and issued a $5.00 price objective (up previously from $4.00) on shares of Celldex Therapeutics in a report on Thursday, August 11th. Cantor Fitzgerald reiterated a “buy” rating and issued a $9.00 price objective on shares of Celldex Therapeutics in a report on Monday, October 10th. Finally, Wedbush reiterated a “neutral” rating and issued a $3.00 price objective on shares of Celldex Therapeutics in a report on Tuesday, August 9th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $7.75.
Shares of Celldex Therapeutics (NASDAQ:CLDX) traded down 3.76% during mid-day trading on Wednesday, reaching $3.33. The company’s stock had a trading volume of 782,831 shares. The company’s 50-day moving average is $3.75 and its 200-day moving average is $4.17. Celldex Therapeutics has a 52 week low of $2.96 and a 52 week high of $18.62. The stock’s market capitalization is $334.81 million.
Celldex Therapeutics (NASDAQ:CLDX) last posted its earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.32) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.34) by $0.02. The business had revenue of $1.39 million for the quarter, compared to analyst estimates of $0.96 million. Celldex Therapeutics had a negative net margin of 2,383.60% and a negative return on equity of 47.59%. The business’s quarterly revenue was down 36.4% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.33) EPS. Equities analysts predict that Celldex Therapeutics will post ($1.34) EPS for the current year.
Several large investors have recently added to or reduced their stakes in CLDX. Zacks Investment Management increased its stake in shares of Celldex Therapeutics by 2.3% in the second quarter. Zacks Investment Management now owns 68,681 shares of the biopharmaceutical company’s stock worth $302,000 after buying an additional 1,517 shares in the last quarter. National Planning Corp increased its stake in shares of Celldex Therapeutics by 3.1% in the second quarter. National Planning Corp now owns 55,246 shares of the biopharmaceutical company’s stock worth $251,000 after buying an additional 1,650 shares in the last quarter. Teachers Advisors Inc. increased its stake in shares of Celldex Therapeutics by 3.9% in the second quarter. Teachers Advisors Inc. now owns 164,942 shares of the biopharmaceutical company’s stock worth $724,000 after buying an additional 6,148 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Celldex Therapeutics by 4.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 373,066 shares of the biopharmaceutical company’s stock worth $1,638,000 after buying an additional 14,300 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in shares of Celldex Therapeutics by 39.9% in the second quarter. Canada Pension Plan Investment Board now owns 62,800 shares of the biopharmaceutical company’s stock worth $276,000 after buying an additional 17,900 shares in the last quarter. 78.43% of the stock is owned by institutional investors.
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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