Celldex Therapeutics Inc. (CLDX) Stock Rating Lowered by Zacks Investment Research
Celldex Therapeutics Inc. (NASDAQ:CLDX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released 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.”
Several other equities research analysts also recently weighed in on the stock. Roth Capital restated a “buy” rating and issued a $7.00 target price on shares of Celldex Therapeutics in a research note on Thursday, November 10th. Wedbush reaffirmed a “neutral” rating and issued a $3.00 price target on shares of Celldex Therapeutics in a report on Tuesday, November 8th. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $9.00 price target on shares of Celldex Therapeutics in a report on Tuesday, November 8th. Aegis began coverage on shares of Celldex Therapeutics in a report on Monday, November 7th. They issued a “buy” rating for the company. Finally, Brean Capital began coverage on shares of Celldex Therapeutics in a report on Tuesday, October 4th. They issued a “buy” rating and a $16.00 price target for the company. Five investment analysts have rated the stock with a hold rating and seven 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 has a 50 day moving average price of $3.73 and a 200 day moving average price of $4.06. The company’s market capitalization is $448.53 million. Celldex Therapeutics has a 1-year low of $2.85 and a 1-year high of $18.62.
Celldex Therapeutics (NASDAQ:CLDX) last announced its earnings results on Monday, November 7th. The biopharmaceutical company reported ($0.29) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.33) by $0.04. The company earned $2.20 million during the quarter, compared to the consensus estimate of $1.09 million. Celldex Therapeutics had a negative net margin of 1,923.41% and a negative return on equity of 51.46%. Celldex Therapeutics’s revenue was up 115.5% compared to the same quarter last year. During the same period last year, the firm earned ($0.32) earnings per share. Equities analysts predict that Celldex Therapeutics will post ($1.28) EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in CLDX. JPMorgan Chase & Co. raised its stake in shares of Celldex Therapeutics by 94.9% in the first quarter. JPMorgan Chase & Co. now owns 690,128 shares of the biopharmaceutical company’s stock valued at $2,608,000 after buying an additional 336,049 shares during the period. Canada Pension Plan Investment Board raised its stake in shares of Celldex Therapeutics by 304.5% in the first quarter. Canada Pension Plan Investment Board now owns 44,900 shares of the biopharmaceutical company’s stock valued at $170,000 after buying an additional 33,800 shares during the period. State Street Corp raised 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 during the period. Goldman Sachs Group Inc. raised its stake in shares of Celldex Therapeutics by 50.5% in the first quarter. Goldman Sachs Group Inc. now owns 450,461 shares of the biopharmaceutical company’s stock valued at $1,703,000 after buying an additional 151,095 shares during the period. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of Celldex Therapeutics during the first quarter valued at about $521,000. Institutional investors and hedge funds own 77.63% 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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