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 note 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 analysts have also issued reports on the stock. Brean Capital started coverage on shares of Celldex Therapeutics in a research note on Tuesday, October 4th. They issued a “buy” rating and a $16.00 target price on the stock. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $9.00 target price on shares of Celldex Therapeutics in a research note on Monday, October 10th. Jefferies Group raised their target price on shares of Celldex Therapeutics to $5.00 and gave the company a “hold” rating in a research note on Friday, August 5th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $3.00 target price on shares of Celldex Therapeutics in a research note on Tuesday, August 9th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $7.75.
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Celldex Therapeutics (NASDAQ:CLDX) traded down 3.76% on Wednesday, reaching $3.33. 782,831 shares of the company’s stock were exchanged. The firm’s market capitalization is $334.81 million. Celldex Therapeutics has a 12 month low of $2.96 and a 12 month high of $18.62. The firm has a 50-day moving average of $3.75 and a 200-day moving average of $4.17.
Celldex Therapeutics (NASDAQ:CLDX) last issued its earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.32) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.02. The company 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 company’s revenue for the quarter was down 36.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.33) EPS. On average, equities analysts expect that Celldex Therapeutics will post ($1.34) earnings per share for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in CLDX. JPMorgan Chase & Co. raised its position 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 worth $2,608,000 after buying an additional 336,049 shares during the last quarter. Canada Pension Plan Investment Board raised its position 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 worth $170,000 after buying an additional 33,800 shares during the last quarter. State Street Corp raised its position 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 worth $32,362,000 after buying an additional 5,254,100 shares during the last quarter. Goldman Sachs Group Inc. raised its position 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 worth $1,703,000 after buying an additional 151,095 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of Celldex Therapeutics during the first quarter worth $521,000. 78.43% of the stock is currently owned by hedge funds and other 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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