Celldex Therapeutics (NASDAQ:CLDX) Shares Gap Down on Analyst Downgrade

Celldex Therapeutics, Inc. (NASDAQ:CLDX) shares gapped down before the market opened on Wednesday after Wells Fargo & Company lowered their price target on the stock from $54.00 to $48.00. The stock had previously closed at $35.66, but opened at $33.83. Wells Fargo & Company currently has an overweight rating on the stock. Celldex Therapeutics shares last traded at $33.5370, with a volume of 488,828 shares traded.

Several other research analysts also recently commented on CLDX. Morgan Stanley lowered their target price on Celldex Therapeutics from $44.00 to $40.00 and set an “overweight” rating for the company in a research note on Wednesday. HC Wainwright reaffirmed a “buy” rating and set a $42.00 price target on shares of Celldex Therapeutics in a report on Monday, June 15th. Wall Street Zen raised shares of Celldex Therapeutics from a “strong sell” rating to a “sell” rating in a report on Sunday, July 12th. UBS Group upped their price objective on shares of Celldex Therapeutics from $38.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, June 10th. Finally, Cantor Fitzgerald dropped their price objective on shares of Celldex Therapeutics from $67.00 to $61.00 and set an “overweight” rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.77.

More Celldex Therapeutics News

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

• Positive Sentiment: Celldex reported Phase 2 results for barzolvolimab in prurigo nodularis, a key pipeline update that could support the drug’s long-term commercial potential and may be helping sentiment around the stock. Article Title
• Positive Sentiment: Guggenheim boosted its price target on Celldex to $100, signaling continued confidence in the company’s pipeline and valuation potential. Article Title
• Positive Sentiment: Wells Fargo, Morgan Stanley, Cantor Fitzgerald, and Canaccord Genuity all kept constructive ratings on CLDX despite trimming targets, suggesting analysts still see meaningful upside from current levels.
• Neutral Sentiment: Multiple firms lowered price targets modestly, which may reflect a more measured view after recent volatility, but their ratings remained positive overall.
• Negative Sentiment: Earlier coverage pointed to a roughly 10% after-hours drop, likely tied to market reaction to the trial update and/or concerns about the discontinuation of part of the study. Article Title

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Handelsbanken Fonder AB lifted its holdings in Celldex Therapeutics by 5.0% during the 2nd quarter. Handelsbanken Fonder AB now owns 27,200 shares of the biopharmaceutical company’s stock worth $1,012,000 after buying an additional 1,300 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Celldex Therapeutics by 438.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 788,696 shares of the biopharmaceutical company’s stock valued at $29,347,000 after buying an additional 642,171 shares during the last quarter. Apella Capital LLC increased its stake in shares of Celldex Therapeutics by 56.6% in the second quarter. Apella Capital LLC now owns 26,658 shares of the biopharmaceutical company’s stock valued at $1,064,000 after buying an additional 9,634 shares during the period. Mirador Capital Partners LP increased its stake in shares of Celldex Therapeutics by 1.7% in the second quarter. Mirador Capital Partners LP now owns 181,054 shares of the biopharmaceutical company’s stock valued at $6,737,000 after buying an additional 3,001 shares during the period. Finally, Seven Fleet Capital Management LP bought a new position in shares of Celldex Therapeutics during the first quarter worth about $929,000.

Celldex Therapeutics Price Performance

The stock has a 50-day moving average price of $33.56 and a 200-day moving average price of $30.65. The company has a market capitalization of $2.78 billion, a P/E ratio of -8.31 and a beta of 0.90.

Celldex Therapeutics (NASDAQ:CLDX) last announced its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.15) by ($0.03). The company had revenue of $0.01 million during the quarter, compared to analyst estimates of $0.80 million. Sell-side analysts anticipate that Celldex Therapeutics, Inc. will post -4.36 EPS for the current fiscal year.

Celldex Therapeutics Company Profile

Celldex Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted immunotherapies for cancer and other serious diseases. The company’s research platforms leverage novel antibody and vaccine technologies designed to engage the patient’s immune system, with a particular emphasis on oncology and neurologic indications. Celldex’s pipeline includes both monoclonal antibodies and biologic agents that seek to modulate immune responses or deliver targeted cytotoxic activity.

Among Celldex’s lead product candidates is glembatumumab vedotin, an antibody–drug conjugate directed against the glycoprotein NMB (gpNMB) for the treatment of certain breast and skin cancers.