Celldex Therapeutics (NASDAQ:CLDX) Shares Gap Down Following Weak Earnings

Celldex Therapeutics, Inc. (NASDAQ:CLDX)’s share price gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $19.52, but opened at $18.20. Celldex Therapeutics shares last traded at $19.92, with a volume of 17,475 shares changing hands.

The biopharmaceutical company reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.75) by ($0.06). The firm had revenue of $0.70 million for the quarter, compared to analyst estimates of $1.08 million. Celldex Therapeutics had a negative return on equity of 19.75% and a negative net margin of 1,544.32%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Canaccord Genuity Group started coverage on Celldex Therapeutics in a report on Monday, April 28th. They issued a “buy” rating and a $64.00 price target for the company. UBS Group dropped their target price on shares of Celldex Therapeutics from $44.00 to $38.00 and set a “buy” rating for the company in a research note on Friday. Morgan Stanley lowered their price target on shares of Celldex Therapeutics from $46.00 to $43.00 and set an “overweight” rating for the company in a report on Friday. The Goldman Sachs Group reduced their price objective on Celldex Therapeutics from $36.00 to $31.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $67.00 target price on shares of Celldex Therapeutics in a research note on Wednesday, January 29th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $53.90.

Hedge Funds Weigh In On Celldex Therapeutics

Several institutional investors have recently modified their holdings of the stock. Deutsche Bank AG boosted its stake in Celldex Therapeutics by 13.8% during the 1st quarter. Deutsche Bank AG now owns 138,289 shares of the biopharmaceutical company’s stock worth $2,510,000 after acquiring an additional 16,788 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Celldex Therapeutics by 0.4% during the first quarter. Vanguard Group Inc. now owns 3,898,435 shares of the biopharmaceutical company’s stock worth $70,757,000 after purchasing an additional 16,440 shares in the last quarter. GSA Capital Partners LLP acquired a new position in shares of Celldex Therapeutics in the 1st quarter valued at $1,131,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Celldex Therapeutics in the 1st quarter valued at $269,000. Finally, Values First Advisors Inc. raised its stake in Celldex Therapeutics by 3.2% during the 1st quarter. Values First Advisors Inc. now owns 29,933 shares of the biopharmaceutical company’s stock worth $550,000 after buying an additional 924 shares during the period.

Celldex Therapeutics Stock Down 6.1 %

The stock has a market capitalization of $1.22 billion, a P/E ratio of -7.13 and a beta of 1.39. The company has a fifty day simple moving average of $18.99 and a two-hundred day simple moving average of $22.88.

About Celldex Therapeutics

Celldex Therapeutics, Inc, a biopharmaceutical company, engages in developing therapeutic monoclonal and bispecific antibodies for the treatment of various diseases. Its drug candidates include antibody-based therapeutics to treat patients with inflammatory, allergic, autoimmune, and other devastating diseases.