Zacks Investment Research Upgrades Celldex Therapeutics (NASDAQ:CLDX) to Buy

Celldex Therapeutics (NASDAQ:CLDX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The brokerage currently has a $2.25 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 4.65% from the stock’s previous close.

According to Zacks, “Following the discontinuation of glembatumumab vedotin studies in 2018, Celldex is focused on developing its cancer pipeline candidates including CDX-301 and CDX-1140. They are being developed for lymphoma as well as the lucrative lung cancer market. Celldex’s collaboration with Bristol-Myers is encouraging as it lends 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 and further pipeline setbacks will severely impact Celldex. The company depends entirely on licensing agreements, contracts and grants for revenues. Shares have underperformed the industry in the past year.”

Separately, ValuEngine upgraded Celldex Therapeutics from a “hold” rating to a “buy” rating in a research report on Wednesday, September 4th.



Shares of CLDX traded up $0.01 during midday trading on Wednesday, reaching $2.15. 239 shares of the stock were exchanged, compared to its average volume of 311,228. Celldex Therapeutics has a twelve month low of $2.01 and a twelve month high of $11.63. The company has a quick ratio of 7.33, a current ratio of 7.33 and a debt-to-equity ratio of 0.02. The company has a market cap of $32.29 million, a P/E ratio of -0.32 and a beta of 3.51. The stock’s 50 day simple moving average is $2.25 and its 200 day simple moving average is $2.93.

Celldex Therapeutics (NASDAQ:CLDX) last posted its earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($0.84) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($1.17) by $0.33. Celldex Therapeutics had a negative return on equity of 42.93% and a negative net margin of 942.48%. The company had revenue of $0.72 million during the quarter, compared to the consensus estimate of $1.26 million. During the same quarter last year, the firm earned ($1.65) earnings per share. As a group, analysts predict that Celldex Therapeutics will post -3.98 earnings per share for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of CLDX. Morgan Stanley increased its position in shares of Celldex Therapeutics by 372.1% in the second quarter. Morgan Stanley now owns 11,132 shares of the biopharmaceutical company’s stock worth $30,000 after purchasing an additional 8,774 shares during the period. HighTower Advisors LLC bought a new position in Celldex Therapeutics in the second quarter valued at about $31,000. Wedbush Securities Inc. bought a new position in Celldex Therapeutics in the second quarter valued at about $36,000. A.R.T. Advisors LLC grew its position in Celldex Therapeutics by 70.1% in the second quarter. A.R.T. Advisors LLC now owns 52,741 shares of the biopharmaceutical company’s stock valued at $141,000 after acquiring an additional 21,741 shares during the last quarter. Finally, Acadian Asset Management LLC grew its position in Celldex Therapeutics by 82.0% in the second quarter. Acadian Asset Management LLC now owns 267,557 shares of the biopharmaceutical company’s stock valued at $718,000 after acquiring an additional 120,519 shares during the last quarter. Institutional investors own 24.86% of the company’s stock.

Celldex Therapeutics Company Profile

Celldex Therapeutics, Inc engages in the research, development, and commercialization of immunotherapies and other targeted biologics. Its drug candidates have the ability to engage the human immune system and directly inhibit tumors to treat specific types of cancer and other diseases. Its pipeline includes Varlilumab, CDX-1140, and CDX-301, and CDX-3379.

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