Celldex Therapeutics (NASDAQ:CLDX) Price Target Lowered to $60.00 at Canaccord Genuity Group

Celldex Therapeutics (NASDAQ:CLDX) had its price target lowered by Canaccord Genuity Group from $62.00 to $60.00 in a research note released on Wednesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the biopharmaceutical company’s stock.

CLDX has been the topic of a number of other research reports. Wall Street Zen upgraded shares of Celldex Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 12th. Guggenheim lifted their price objective on shares of Celldex Therapeutics from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Monday. HC Wainwright reissued a “buy” rating and set a $42.00 price objective on shares of Celldex Therapeutics in a report on Monday, June 15th. Wells Fargo & Company upped their target price on Celldex Therapeutics from $38.00 to $54.00 and gave the company an “overweight” rating in a research report on Wednesday, May 13th. Finally, Barclays raised their target price on Celldex Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $52.77.

Celldex Therapeutics Stock Performance

Shares of CLDX stock opened at $34.77 on Wednesday. Celldex Therapeutics has a fifty-two week low of $19.72 and a fifty-two week high of $40.30. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of -8.16 and a beta of 0.90. The stock’s 50-day simple moving average is $33.51 and its 200-day simple moving average is $30.59.

Celldex Therapeutics (NASDAQ:CLDX) last announced its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($1.18) EPS 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 analysts’ expectations of $0.80 million. As a group, equities analysts forecast that Celldex Therapeutics will post -4.36 earnings per share for the current year.

Hedge Funds Weigh In On Celldex Therapeutics

A number of institutional investors have recently bought and sold shares of the business. Wilmington Savings Fund Society FSB acquired a new stake in Celldex Therapeutics during the 3rd quarter valued at approximately $42,000. Russell Investments Group Ltd. boosted its holdings in shares of Celldex Therapeutics by 27.6% in 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 last quarter. Quantbot Technologies LP acquired a new stake in shares of Celldex Therapeutics in the third quarter worth $63,000. Kestra Advisory Services LLC acquired a new stake in shares of Celldex Therapeutics in the fourth quarter worth $98,000. Finally, Headlands Technologies LLC purchased a new position in shares of Celldex Therapeutics during the second quarter worth $125,000.

Key Headlines Impacting 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

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.