Celldex Therapeutics (NASDAQ:CLDX) Given New $50.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley raised its price target for Celldex Therapeutics to $50 from $46 and maintained an “overweight” rating, implying approximately 29.5% upside from the prior close.
• Analyst sentiment is broadly positive: Celldex has a consensus “Moderate Buy” rating and an average price target of $56.42, although targets range widely from $42 to $100.
• Shares fell 0.4% to $38.62 in Thursday trading. Celldex recently reported a quarterly loss of $0.94 per share, which was better than the expected $1.06 loss, but revenue of $0.02 million came in below expectations.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) had its target price lifted by Morgan Stanley from $46.00 to $50.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an "overweight" rating on the biopharmaceutical company's stock. Morgan Stanley's price target points to a potential upside of 29.48% from the company's previous close.

Several other analysts have also recently weighed in on the stock. Wall Street Zen raised shares of Celldex Therapeutics from a "strong sell" rating to a "sell" rating in a report on Sunday, July 12th. HC Wainwright reiterated a "buy" rating and set a $42.00 price target on shares of Celldex Therapeutics in a report on Monday, June 15th. Cantor Fitzgerald dropped their price objective on shares of Celldex Therapeutics from $67.00 to $61.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 22nd. Guggenheim raised their price objective on shares of Celldex Therapeutics from $90.00 to $100.00 and gave the company a "buy" rating in a report on Monday, July 20th. Finally, UBS Group lifted their price objective on shares of Celldex Therapeutics from $38.00 to $45.00 and gave the stock a "buy" rating in a research report on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Celldex Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $56.42.

Celldex Therapeutics Trading Down 0.4%

NASDAQ:CLDX traded down $0.17 during midday trading on Thursday, reaching $38.62. The company had a trading volume of 221,694 shares, compared to its average volume of 931,862. Celldex Therapeutics has a 12-month low of $22.10 and a 12-month high of $45.14. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of -8.88 and a beta of 0.84. The stock's fifty day simple moving average is $39.19 and its 200-day simple moving average is $34.22.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.94) earnings per share for the quarter, topping the consensus estimate of ($1.06) by $0.12. The company had revenue of $0.02 million for the quarter, compared to analysts' expectations of $0.73 million. As a group, sell-side analysts expect that Celldex Therapeutics will post -4.17 EPS for the current year.

Hedge Funds Weigh In On Celldex Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB acquired a new position in shares of Celldex Therapeutics in the 3rd quarter valued at $42,000. Russell Investments Group Ltd. raised its stake 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 worth $47,000 after acquiring an additional 501 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Celldex Therapeutics during the 3rd quarter worth $63,000. Nykredit A S purchased a new stake in Celldex Therapeutics in the second quarter valued at $67,000. Finally, Kestra Advisory Services LLC acquired a new position in Celldex Therapeutics in the fourth quarter valued at $98,000.

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.

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