Celldex Therapeutics (NASDAQ:CLDX) Given New $40.00 Price Target at Morgan Stanley

Celldex Therapeutics (NASDAQ:CLDX) had its price objective decreased by Morgan Stanley from $44.00 to $40.00 in a research report released on Wednesday,Benzinga reports. Morgan Stanley currently has an overweight rating on the biopharmaceutical company’s stock.

A number of other research analysts also recently issued reports on CLDX. Cantor Fitzgerald lowered their price target on Celldex Therapeutics from $67.00 to $61.00 and set an “overweight” rating on the stock in a report on Wednesday. Wells Fargo & Company lifted their price objective on Celldex Therapeutics from $38.00 to $54.00 and gave the stock an “overweight” rating in a report on Wednesday, May 13th. Guggenheim boosted their target price on Celldex Therapeutics from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday. Weiss Ratings restated a “sell (d-)” rating on shares of Celldex Therapeutics in a research note on Friday, July 17th. Finally, UBS Group upped their target price on shares of Celldex Therapeutics from $38.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Celldex Therapeutics has an average rating of “Moderate Buy” and an average price target of $52.77.

Celldex Therapeutics Stock Performance

Shares of NASDAQ CLDX opened at $34.77 on Wednesday. The firm’s 50 day moving average price is $33.51 and its 200-day moving average price is $30.59. The company has a market cap of $2.73 billion, a PE ratio of -8.16 and a beta of 0.90. Celldex Therapeutics has a 52-week low of $19.72 and a 52-week high of $40.30.

Celldex Therapeutics (NASDAQ:CLDX) last announced its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($1.15) by ($0.03). The company had revenue of $0.01 million for the quarter, compared to the consensus estimate of $0.80 million. On average, analysts forecast that Celldex Therapeutics will post -4.36 earnings per share for the current fiscal year.

Institutional Trading of Celldex Therapeutics

Large investors have recently modified their holdings of the company. Wellington Management Group LLP increased its position in Celldex Therapeutics by 39.3% during the fourth quarter. Wellington Management Group LLP now owns 8,079,608 shares of the biopharmaceutical company’s stock valued at $219,442,000 after acquiring an additional 2,279,605 shares during the last quarter. Vestal Point Capital LP lifted its holdings in Celldex Therapeutics by 781.0% in the second quarter. Vestal Point Capital LP now owns 1,750,000 shares of the biopharmaceutical company’s stock valued at $35,612,000 after acquiring an additional 1,551,354 shares during the period. Braidwell LP boosted its position in Celldex Therapeutics by 214.0% in the fourth quarter. Braidwell LP now owns 1,858,109 shares of the biopharmaceutical company’s stock worth $50,466,000 after purchasing an additional 1,266,420 shares during the last quarter. Elmind Capital LP purchased a new position in Celldex Therapeutics in the fourth quarter worth about $23,493,000. Finally, Assenagon Asset Management S.A. grew its stake in shares of Celldex Therapeutics by 438.3% during 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 purchasing an additional 642,171 shares during the period.

Trending Headlines about Celldex Therapeutics

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

• Neutral Sentiment: Celldex reported topline Phase 2 results for barzolvolimab in prurigo nodularis, but the study missed the primary endpoint and key secondary endpoints, triggering concern about the drug’s development path. Article Title
• Negative Sentiment: Celldex said it will discontinue development of the experimental skin-disease treatment after the trial setback, a move that can reduce pipeline expectations and weigh on investor sentiment. Article Title
• Negative Sentiment: News of the trial failure and extended-trading selloff helped explain the sharp reaction in CLDX shares, with investors focused on the setback’s impact on Celldex’s lead dermatology program. Article Title
• Neutral Sentiment: Several analysts trimmed price targets, including Wells Fargo, Morgan Stanley, Cantor Fitzgerald, Canaccord, and Guggenheim, but most kept bullish ratings such as overweight or buy, suggesting the longer-term thesis is still intact. Article Title

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.