Zacks Investment Research Lowers Celldex Therapeutics, Inc. (NASDAQ:CLDX) to Sell
Celldex Therapeutics, Inc. (NASDAQ:CLDX) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a report issued on Monday.
According to Zacks, “Celldex’s efforts to build its immuno-oncology pipeline are impressive. Its lead pipeline candidate, glembatumumab vedotin, is in mid-stage development for different types of cancer. Apart from glembatumumab vedotin, Celldex has several promising candidates in its pipeline, including varlilumab. We are also encouraged by Celldex’s partnership agreements with big players like Bristol-Myers. Meanwhile, the recent Kolltan acquisition adds some interesting candidates to the company’s pipeline. 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. Estimates have remained mostly stable lately ahead of the Q2 results. Celldex has a positive record of earnings surprises in the recent quarters. “
A number of other analysts also recently issued reports on CLDX. Aegis reissued a “buy” rating on shares of Celldex Therapeutics in a report on Tuesday, March 21st. Jefferies Group LLC reissued a “hold” rating and issued a $3.50 price objective (down previously from $4.00) on shares of Celldex Therapeutics in a report on Thursday, May 11th. ValuEngine downgraded shares of Celldex Therapeutics from a “sell” rating to a “strong sell” rating in a report on Saturday, June 3rd. Finally, Cowen and Company reissued a “buy” rating on shares of Celldex Therapeutics in a report on Tuesday, June 6th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $6.75.
Celldex Therapeutics (CLDX) traded down 2.42% on Monday, reaching $2.42. 673,674 shares of the company traded hands. The stock has a 50-day moving average price of $2.72 and a 200-day moving average price of $3.26. Celldex Therapeutics has a 52-week low of $2.20 and a 52-week high of $5.02. The firm’s market cap is $302.75 million.
Celldex Therapeutics (NASDAQ:CLDX) last posted its quarterly earnings data on Tuesday, May 9th. The biopharmaceutical company reported ($0.28) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.28). The firm had revenue of $1.53 million during the quarter, compared to the consensus estimate of $0.57 million. Celldex Therapeutics had a negative net margin of 1,825.82% and a negative return on equity of 53.10%. Analysts anticipate that Celldex Therapeutics will post ($1.11) earnings per share for the current fiscal year.
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Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Celldex Therapeutics by 16.4% in the first quarter. Vanguard Group Inc. now owns 9,066,763 shares of the biopharmaceutical company’s stock worth $32,731,000 after buying an additional 1,278,206 shares during the period. State Street Corp increased its stake in shares of Celldex Therapeutics by 4.7% in the first quarter. State Street Corp now owns 4,525,051 shares of the biopharmaceutical company’s stock worth $16,341,000 after buying an additional 202,375 shares during the period. Meditor Group Ltd purchased a new stake in shares of Celldex Therapeutics during the first quarter worth $14,966,000. Renaissance Technologies LLC increased its stake in shares of Celldex Therapeutics by 42.4% in the first quarter. Renaissance Technologies LLC now owns 1,707,927 shares of the biopharmaceutical company’s stock worth $6,166,000 after buying an additional 508,217 shares during the period. Finally, TSP Capital Management Group LLC increased its stake in shares of Celldex Therapeutics by 20.0% in the first quarter. TSP Capital Management Group LLC now owns 1,063,248 shares of the biopharmaceutical company’s stock worth $3,838,000 after buying an additional 176,850 shares during the period. 64.60% of the stock is owned by 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 (also referred to as rindopepimut and CDX-110) is a therapeutic vaccine, which is meant for the treatment of glioblastoma patients.
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