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

Celldex Therapeutics, Inc. (NASDAQ:CLDX)’s share price gapped down before the market opened on Wednesday after Wells Fargo & Company lowered their price target on the stock from $44.00 to $38.00. The stock had previously closed at $24.02, but opened at $21.96. Wells Fargo & Company currently has an overweight rating on the stock. Celldex Therapeutics shares last traded at $21.70, with a volume of 317,703 shares traded.

A number of other analysts have also issued reports on the company. UBS Group decreased their price objective on Celldex Therapeutics from $44.00 to $38.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. The Goldman Sachs Group decreased their price objective on Celldex Therapeutics from $36.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. Morgan Stanley decreased their price objective on Celldex Therapeutics from $46.00 to $43.00 and set an “overweight” rating on the stock in a research note on Friday, May 9th. Canaccord Genuity Group decreased their price objective on Celldex Therapeutics from $64.00 to $62.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, HC Wainwright decreased their price objective on Celldex Therapeutics from $50.00 to $42.00 and set a “buy” rating on the stock in a research note on Wednesday. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $46.67.

Hedge Funds Weigh In On Celldex Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Handelsbanken Fonder AB boosted its holdings in shares of Celldex Therapeutics by 2.4% in the 2nd quarter. Handelsbanken Fonder AB now owns 21,600 shares of the biopharmaceutical company’s stock worth $440,000 after purchasing an additional 500 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Celldex Therapeutics by 27.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,315 shares of the biopharmaceutical company’s stock valued at $47,000 after acquiring an additional 501 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Celldex Therapeutics by 1.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,451 shares of the biopharmaceutical company’s stock valued at $798,000 after acquiring an additional 680 shares during the period. AlphaQuest LLC boosted its holdings in Celldex Therapeutics by 7.0% during the 2nd quarter. AlphaQuest LLC now owns 12,956 shares of the biopharmaceutical company’s stock valued at $264,000 after acquiring an additional 844 shares during the period. Finally, Invesco Ltd. boosted its holdings in Celldex Therapeutics by 2.1% during the 4th quarter. Invesco Ltd. now owns 42,101 shares of the biopharmaceutical company’s stock valued at $1,064,000 after acquiring an additional 871 shares during the period.

Celldex Therapeutics Trading Down 13.0%

The company has a market capitalization of $1.39 billion, a PE ratio of -6.94 and a beta of 1.22. The firm has a fifty day moving average of $22.07 and a two-hundred day moving average of $20.68.

Celldex Therapeutics (NASDAQ:CLDX) last issued its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($0.85) earnings per share for the quarter, beating the consensus estimate of ($0.86) by $0.01. The company had revenue of $0.73 million during the quarter, compared to analysts’ expectations of $1.13 million. Celldex Therapeutics had a negative return on equity of 27.61% and a negative net margin of 3,446.88%. On average, equities analysts expect that Celldex Therapeutics, Inc. will post -2.48 EPS for the current fiscal year.

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.