Celldex Therapeutics (CLDX) Upgraded to Buy at Zacks Investment Research

Celldex Therapeutics (NASDAQ:CLDX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday.

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.”

Several other equities analysts have also issued reports on CLDX. HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Celldex Therapeutics in a research report on Monday, November 12th. ValuEngine upgraded Celldex Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, January 2nd. Finally, Bank of America upgraded Celldex Therapeutics from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 15th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Celldex Therapeutics presently has a consensus rating of “Hold” and an average target price of $32.81.

Shares of Celldex Therapeutics stock traded up $0.46 during trading on Friday, hitting $5.45. 51,243 shares of the company were exchanged, compared to its average volume of 401,113. The firm has a market capitalization of $820.94 million, a P/E ratio of -6.76 and a beta of 4.47. Celldex Therapeutics has a 1-year low of $2.74 and a 1-year high of $42.90.

Several large investors have recently added to or reduced their stakes in CLDX. Renaissance Technologies LLC lifted its holdings in shares of Celldex Therapeutics by 2,633.4% during the 2nd quarter. Renaissance Technologies LLC now owns 4,220,687 shares of the biopharmaceutical company’s stock valued at $2,126,000 after purchasing an additional 4,066,273 shares in the last quarter. GSA Capital Partners LLP lifted its holdings in shares of Celldex Therapeutics by 98.6% during the 3rd quarter. GSA Capital Partners LLP now owns 1,270,500 shares of the biopharmaceutical company’s stock valued at $573,000 after purchasing an additional 630,700 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Celldex Therapeutics by 7.5% during the 3rd quarter. Vanguard Group Inc. now owns 6,047,564 shares of the biopharmaceutical company’s stock valued at $2,728,000 after purchasing an additional 421,700 shares in the last quarter. Vanguard Group Inc lifted its holdings in shares of Celldex Therapeutics by 7.5% during the 3rd quarter. Vanguard Group Inc now owns 6,047,564 shares of the biopharmaceutical company’s stock valued at $2,728,000 after purchasing an additional 421,700 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in shares of Celldex Therapeutics by 26.5% during the 4th quarter. Acadian Asset Management LLC now owns 1,373,376 shares of the biopharmaceutical company’s stock valued at $272,000 after purchasing an additional 287,281 shares in the last quarter. Institutional investors and hedge funds own 27.77% of the company’s stock.

Celldex Therapeutics Company Profile

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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