Celldex Therapeutics (NASDAQ:CLDX) Price Target Cut to $48.00 by Analysts at Wells Fargo & Company

Celldex Therapeutics (NASDAQ:CLDX) had its target price reduced by Wells Fargo & Company from $54.00 to $48.00 in a report released on Wednesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the biopharmaceutical company’s stock.

A number of other equities research analysts have also issued reports on CLDX. Barclays upped their price objective on shares of Celldex Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Canaccord Genuity Group reduced their target price on shares of Celldex Therapeutics from $62.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday. Cantor Fitzgerald decreased their target price on shares of Celldex Therapeutics from $67.00 to $61.00 and set an “overweight” rating on the stock in a report on Wednesday. UBS Group increased their price target 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. Finally, HC Wainwright restated a “buy” rating and set a $42.00 price target on shares of Celldex Therapeutics in a report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Celldex Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.77.

Celldex Therapeutics Stock Down 2.5%

Shares of NASDAQ:CLDX opened at $34.77 on Wednesday. The business has a fifty day moving average of $33.51 and a two-hundred day moving average of $30.59. The stock has a market cap of $2.73 billion, a P/E 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 issued its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.15) by ($0.03). The business had revenue of $0.01 million during the quarter, compared to analyst estimates of $0.80 million. On average, equities analysts anticipate that Celldex Therapeutics will post -4.36 earnings per share for the current year.

Hedge Funds Weigh In On Celldex Therapeutics

A number of hedge funds have recently modified their holdings of CLDX. Wilmington Savings Fund Society FSB acquired a new stake in shares of Celldex Therapeutics during the 3rd quarter worth about $42,000. Russell Investments Group Ltd. lifted its position in Celldex Therapeutics by 27.6% in the second quarter. Russell Investments Group Ltd. now owns 2,315 shares of the biopharmaceutical company’s stock valued at $47,000 after buying an additional 501 shares during the last quarter. Quantbot Technologies LP purchased a new position in Celldex Therapeutics during the third quarter worth about $63,000. Kestra Advisory Services LLC acquired a new stake in shares of Celldex Therapeutics during the fourth quarter valued at about $98,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Celldex Therapeutics in the 2nd quarter valued at approximately $125,000.

More Celldex Therapeutics News

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

About Celldex Therapeutics

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.