Celldex Therapeutics (NASDAQ:CLDX) Price Target Raised to $88.00

Celldex Therapeutics (NASDAQ:CLDX) had its price objective hoisted by investment analysts at Leerink Partners from $70.00 to $88.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Leerink Partners’ price target suggests a potential upside of 162.61% from the stock’s previous close.

Other analysts have also issued research reports about the company. Stifel Nicolaus set a $68.00 target price on Celldex Therapeutics in a report on Tuesday. Guggenheim boosted their price objective on shares of Celldex Therapeutics from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Celldex Therapeutics in a research note on Friday, July 17th. Wall Street Zen raised Celldex Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 12th. Finally, UBS Group raised their price objective on Celldex Therapeutics from $38.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, June 10th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $61.92.

Celldex Therapeutics Stock Down 11.6%

Shares of CLDX opened at $33.51 on Wednesday. The firm has a market cap of $2.63 billion, a price-to-earnings ratio of -7.70 and a beta of 0.84. Celldex Therapeutics has a 12 month low of $22.10 and a 12 month high of $45.14. The company’s fifty day moving average is $39.03 and its 200-day moving average is $34.84.

Celldex Therapeutics (NASDAQ:CLDX) last released its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.94) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.06) by $0.12. The company had revenue of $0.02 million for the quarter, compared to the consensus estimate of $0.73 million. As a group, research analysts predict that Celldex Therapeutics will post -4.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Celldex Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the business. ProShare Advisors LLC boosted its position in shares of Celldex Therapeutics by 6.9% in the fourth quarter. ProShare Advisors LLC now owns 11,973 shares of the biopharmaceutical company’s stock valued at $325,000 after acquiring an additional 773 shares during the period. Handelsbanken Fonder AB lifted its stake in Celldex Therapeutics by 5.0% during the second quarter. Handelsbanken Fonder AB now owns 27,200 shares of the biopharmaceutical company’s stock worth $1,012,000 after purchasing an additional 1,300 shares during the last quarter. Nykredit A S bought a new position in Celldex Therapeutics in the second quarter valued at about $67,000. Arizona State Retirement System boosted its stake in shares of Celldex Therapeutics by 13.0% in the 2nd quarter. Arizona State Retirement System now owns 18,565 shares of the biopharmaceutical company’s stock valued at $691,000 after purchasing an additional 2,139 shares in the last quarter. Finally, Intech Investment Management LLC increased its position in Celldex Therapeutics by 8.4% during the 4th quarter. Intech Investment Management LLC now owns 33,499 shares of the biopharmaceutical company’s stock worth $910,000 after purchasing an additional 2,608 shares in the last quarter.

Celldex Therapeutics News Roundup

Here are the key news stories impacting Celldex Therapeutics this week:

• Positive Sentiment: Barzolvolimab met the primary and all key secondary endpoints in both Phase 3 EMBARQ-CSU1 and EMBARQ-CSU2 trials for chronic spontaneous urticaria. Celldex reported statistically significant improvements in urticaria activity, including benefits among patients who failed omalizumab and those with severe disease or angioedema. The company said efficacy continued to improve through 24 weeks and plans to submit a biologics license application in 2027. Celldex Phase 3 results announcement
• Positive Sentiment: Analysts became more bullish following the readout. Morgan Stanley raised its price target to $57 from $50 and assigned an overweight rating; HC Wainwright lifted its target to $64 and maintained a buy rating; and Cantor Fitzgerald increased its target to $72 with an overweight rating. These targets imply substantial upside from the reference price. Celldex analyst and financial outlook coverage
• Neutral Sentiment: The trials will continue through 52 weeks, leaving investors focused on longer-term durability, final safety data and the timing of regulatory filing before barzolvolimab can generate commercial revenue. Reuters report on Celldex trial results
• Negative Sentiment: Shares sold off after the announcement even though the results were positive. Reports cited safety concerns and possible profit-taking after expectations had become very high ahead of the catalyst. Investors may also be concerned about Celldex’s heavy cash-burn rate and continued losses while it funds development. Economic Times report on Celldex safety concerns

About Celldex Therapeutics

Celldex Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing antibody-based therapeutics for diseases with significant unmet medical needs. The company’s research programs address conditions in immunology, inflammation, oncology and other areas where targeted immune-system modulation may provide therapeutic benefits.

Celldex’s lead investigational product is barzolvolimab, an antibody designed to block the KIT receptor and reduce mast cells. The therapy is being studied in immune-mediated diseases, including chronic spontaneous urticaria and prurigo nodularis.