Celldex Therapeutics (NASDAQ:CLDX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.

According to Zacks, “Following the discontinuation of glembatumumab vedotin studies, Celldex is focused on developing its anti-cancer pipeline candidates including CDX-301, which is being developed for the lucrative lung cancer market. Celldex also has collaborations with big pharma companies, which lend solid support as well as expertise. Meanwhile, the Kolltan acquisition added some interesting candidates to the company’s pipeline. However, the failure of glembatumumab vedotin was a major setback. With no approved products, further pipeline setbacks will severely impact Celldex. The company depends entirely on product development, licensing agreements, contracts and grants for revenues. Shares of the company have significantly underperformed the industry in the past year. Estimates movement has been mixed ahead of Q4 earnings. Celldex has a positive record of earnings surprises in the recent quarters.”

CLDX has been the topic of a number of other research reports. Bank of America upgraded Celldex Therapeutics from a “neutral” rating to a “buy” rating in a report on Tuesday, January 15th. HC Wainwright restated a “buy” rating and issued a $30.00 price target on shares of Celldex Therapeutics in a report on Monday, November 12th. Finally, ValuEngine upgraded Celldex Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, January 2nd. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $32.81.

Shares of CLDX traded up $4.55 on Monday, reaching $4.94. The stock had a trading volume of 839,393 shares, compared to its average volume of 6,507,154. The stock has a market cap of $67.59 million, a P/E ratio of -6.18 and a beta of 4.47. Celldex Therapeutics has a twelve month low of $0.18 and a twelve month high of $2.86.

Hedge funds have recently bought and sold shares of the stock. Stratos Wealth Partners LTD. lifted its stake in shares of Celldex Therapeutics by 2,400.0% during the 4th quarter. Stratos Wealth Partners LTD. now owns 250,000 shares of the biopharmaceutical company’s stock worth $49,000 after purchasing an additional 240,000 shares during the period. Acadian Asset Management LLC grew its stake in shares of Celldex Therapeutics by 26.5% during the fourth quarter. Acadian Asset Management LLC now owns 1,373,376 shares of the biopharmaceutical company’s stock valued at $272,000 after acquiring an additional 287,281 shares in the last quarter. Vanguard Group Inc grew its stake in shares of Celldex Therapeutics by 7.5% during the third quarter. Vanguard Group Inc now owns 6,047,564 shares of the biopharmaceutical company’s stock valued at $2,728,000 after acquiring an additional 421,700 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Celldex Therapeutics by 7.5% during the third quarter. Vanguard Group Inc. now owns 6,047,564 shares of the biopharmaceutical company’s stock valued at $2,728,000 after acquiring an additional 421,700 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of Celldex Therapeutics by 26.6% during the third quarter. Renaissance Technologies LLC now owns 5,343,599 shares of the biopharmaceutical company’s stock valued at $2,410,000 after acquiring an additional 1,122,912 shares in the last quarter. 27.77% of the stock is currently owned by hedge funds and other institutional investors.

About Celldex Therapeutics

Celldex Therapeutics, Inc, a biopharmaceutical company, focuses on the development and commercialization of various immunotherapy technologies and other cancer-targeting biologics. Its drug candidates include glembatumumab vedotin, an antibody-drug that is in Phase IIb study for the treatment of triple negative breast cancer and a Phase II study for the treatment of metastatic melanoma; Varlilumab, an immune modulating antibody that is in a Phase 1 study designed to enhance a patient's immune response against cancer; and CDX-3379, a human monoclonal antibody that is in Phase II study in combination with cetuximab for the treatment of head and neck squamous cell carcinoma.

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