Celldex Therapeutics (NASDAQ:CLDX) Given New $61.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley raised its price target on Celldex Therapeutics from $57 to $61 and maintained an “overweight” rating, implying 94.52% upside from the previous close.
• Analyst views are mostly positive: 11 analysts rate the stock Buy, one Hold, and one Sell; the consensus is “Moderate Buy” with a $63.42 target.
• Celldex shares rose 5% to $31.36 in Monday trading. Its quarterly loss of $0.96 per share was narrower than analysts’ expected $1.02 loss, while revenue fell short of expectations.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) had its target price lifted by equities research analysts at Morgan Stanley from $57.00 to $61.00 in a report released on Monday, Benzinga reports. The firm currently has an "overweight" rating on the biopharmaceutical company's stock. Morgan Stanley's target price indicates a potential upside of 94.52% from the company's previous close.

Other equities research analysts have also issued research reports about the company. Wall Street Zen raised Celldex Therapeutics from a "strong sell" rating to a "sell" rating in a research note on Sunday, July 12th. Weiss Ratings restated a "sell (d-)" rating on shares of Celldex Therapeutics in a research note on Thursday, October 15th. Leerink Partners upped their target price on shares of Celldex Therapeutics from $70.00 to $88.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 23rd. Stifel Nicolaus set a $68.00 target price on Celldex Therapeutics in a research note on Tuesday, September 22nd. Finally, Barclays raised their price target on Celldex Therapeutics from $48.00 to $53.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Eleven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Celldex Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $63.42.

Celldex Therapeutics Stock Up 5.0%

NASDAQ:CLDX traded up $1.49 during mid-day trading on Monday, hitting $31.36. 379,397 shares of the stock traded hands, compared to its average volume of 1,076,805. The business's 50-day moving average price is $32.93 and its 200 day moving average price is $32.68. The company has a market cap of $2.46 billion, a PE ratio of -7.28 and a beta of 1.04. Celldex Therapeutics has a 12-month low of $22.10 and a 12-month high of $45.14.

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

Institutional Investors Weigh In On Celldex Therapeutics

A number of hedge funds have recently made changes to their positions in CLDX. Wellington Management Group LLP raised its position in Celldex Therapeutics by 11.5% in the 2nd quarter. Wellington Management Group LLP now owns 9,543,671 shares of the biopharmaceutical company's stock worth $355,120,000 after purchasing an additional 983,195 shares during the period. Commodore Capital LP boosted its position in Celldex Therapeutics by 5.1% during the first quarter. Commodore Capital LP now owns 2,696,616 shares of the biopharmaceutical company's stock valued at $85,537,000 after buying an additional 131,616 shares during the period. Eversept Partners LP boosted its position in Celldex Therapeutics by 24.6% during the first quarter. Eversept Partners LP now owns 1,788,016 shares of the biopharmaceutical company's stock valued at $56,716,000 after buying an additional 353,291 shares during the period. Fisher Asset Management LLC grew its stake in shares of Celldex Therapeutics by 26.5% during the third quarter. Fisher Asset Management LLC now owns 1,246,855 shares of the biopharmaceutical company's stock valued at $40,411,000 after buying an additional 261,178 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Celldex Therapeutics by 62.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,059,534 shares of the biopharmaceutical company's stock valued at $33,596,000 after buying an additional 407,818 shares during the last quarter.

About Celldex Therapeutics

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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