Canaccord Genuity Group Forecasts Strong Price Appreciation for Celldex Therapeutics (NASDAQ:CLDX) Stock

Key Points

• Canaccord Genuity raised its Celldex price target to $68 from $60 and maintained a Buy rating, implying about 116% upside from the stock’s quoted $31.50 price.
• Analyst sentiment is generally positive: 11 analysts rate CLDX Buy, one Hold and one Sell, producing a Moderate Buy consensus and an average target of $64.08. Recent targets range from $68 at Canaccord to $100 at Guggenheim.
• Celldex reported a quarterly loss of $0.96 per share, narrower than analysts’ expected loss of $1.02; revenue of $0.40 million fell short of the $0.72 million consensus.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) had its target price hoisted by Canaccord Genuity Group from $60.00 to $68.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a "buy" rating on the biopharmaceutical company's stock. Canaccord Genuity Group's price objective would suggest a potential upside of 115.87% from the stock's current price.

CLDX has been the topic of a number of other research reports. Leerink Partners upped their price target on shares of Celldex Therapeutics from $70.00 to $88.00 and gave the company an "outperform" rating in a research note on Wednesday, September 23rd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Celldex Therapeutics in a research report on Thursday, October 15th. Guggenheim lifted their price target on shares of Celldex Therapeutics from $90.00 to $100.00 and gave the company a "buy" rating in a research note on Monday, July 20th. Wall Street Zen raised shares of Celldex Therapeutics from a "strong sell" rating to a "sell" rating in a research note on Sunday, July 12th. Finally, Wells Fargo & Company lifted their price target on Celldex Therapeutics from $48.00 to $72.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Eleven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $64.08.

Celldex Therapeutics Price Performance

Celldex Therapeutics stock traded up $1.63 during midday trading on Monday, reaching $31.50. 542,936 shares of the company traded hands, compared to its average volume of 1,077,239. Celldex Therapeutics has a 12 month low of $22.10 and a 12 month high of $45.14. The business has a 50 day moving average of $32.93 and a two-hundred day moving average of $32.68. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of -7.33 and a beta of 1.04.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) last issued its quarterly earnings results on Thursday, November 5th. The biopharmaceutical company reported ($0.96) earnings per share for the quarter, topping the consensus estimate of ($1.02) by $0.06. The business had revenue of $0.40 million for the quarter, compared to analysts' expectations of $0.72 million. As a group, equities analysts forecast that Celldex Therapeutics will post -4.17 EPS for the current year.

Institutional Trading of Celldex Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Odyssean LLC bought a new stake in shares of Celldex Therapeutics in the second quarter worth $3,538,000. Quantinno Capital Management LP lifted its position in shares of Celldex Therapeutics by 178.7% in the 1st quarter. Quantinno Capital Management LP now owns 65,744 shares of the biopharmaceutical company's stock worth $2,085,000 after buying an additional 42,158 shares during the last quarter. Engineers Gate Manager LP bought a new position in shares of Celldex Therapeutics in the 2nd quarter worth about $1,259,000. Bank of America Corp DE lifted its position in shares of Celldex Therapeutics by 70.8% in the 1st quarter. Bank of America Corp DE now owns 708,647 shares of the biopharmaceutical company's stock worth $22,478,000 after buying an additional 293,759 shares during the last quarter. Finally, Sei Investments Co. acquired a new position in shares of Celldex Therapeutics in the 1st quarter valued at about $1,210,000.

Celldex Therapeutics Company Profile

Celldex Therapeutics, Inc is a clinical-stage biopharmaceutical company that develops antibody-based treatments for inflammatory diseases and cancer. Its research focuses on targets involved in immune responses and the activity of mast cells.

The company's lead candidate, barzolvolimab, is an antibody that targets the KIT receptor. Celldex is studying it for chronic urticaria and other conditions associated with mast-cell activity.

Celldex also has early-stage oncology programs that investigate antibody therapies designed to affect immune pathways.

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