Celldex Therapeutics Inc. (CLDX) Lowered to “Hold” at Zacks Investment Research
Celldex Therapeutics Inc. (NASDAQ:CLDX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note 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.”
Several other brokerages also recently weighed in on CLDX. Wedbush reiterated a “neutral” rating and issued a $3.00 price objective on shares of Celldex Therapeutics in a research report on Tuesday, August 9th. Jefferies Group lifted their price objective on shares of Celldex Therapeutics to $5.00 and gave the company a “hold” rating in a research report on Friday, August 5th. Cantor Fitzgerald reiterated a “buy” rating and issued a $9.00 price objective on shares of Celldex Therapeutics in a research report on Monday, October 10th. Roth Capital reiterated a “buy” rating and issued a $7.00 price objective on shares of Celldex Therapeutics in a research report on Thursday, November 10th. Finally, Brean Capital initiated coverage on shares of Celldex Therapeutics in a research report on Tuesday, October 4th. They issued a “buy” rating and a $16.00 price objective on the stock. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Celldex Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $7.44.
Shares of Celldex Therapeutics (NASDAQ:CLDX) traded down 3.09% on Wednesday, reaching $4.39. 1,142,197 shares of the company’s stock traded hands. Celldex Therapeutics has a 52 week low of $2.85 and a 52 week high of $18.56. The firm’s market capitalization is $444.48 million. The company has a 50 day moving average price of $3.76 and a 200 day moving average price of $4.08.
Celldex Therapeutics (NASDAQ:CLDX) last posted its quarterly earnings results on Monday, November 7th. The biopharmaceutical company reported ($0.29) EPS for the quarter, beating the Thomson Reuters’ 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 business earned $2.20 million during the quarter, compared to analyst estimates of $1.09 million. During the same period in the previous year, the business posted ($0.32) EPS. The company’s quarterly revenue was up 115.5% on a year-over-year basis. On average, equities research analysts predict that Celldex Therapeutics will post ($1.29) earnings per share for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the company. Veritable L.P. acquired a new stake in Celldex Therapeutics during the second quarter worth approximately $132,000. Virginia Retirement Systems ET AL acquired a new stake in Celldex Therapeutics during the third quarter worth approximately $150,000. Bank of Montreal Can acquired a new stake in Celldex Therapeutics during the second quarter worth approximately $188,000. AMP Capital Investors Ltd acquired a new stake in Celldex Therapeutics during the third quarter worth approximately $177,000. Finally, BlackRock Advisors LLC increased its stake in Celldex Therapeutics by 12.2% in the third quarter. BlackRock Advisors LLC now owns 52,107 shares of the biopharmaceutical company’s stock worth $211,000 after buying an additional 5,683 shares during the last quarter. Institutional investors and hedge funds own 76.21% of the company’s stock.
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Celldex Therapeutics Company Profile
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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