HC Wainwright Forecasts Strong Price Appreciation for Celldex Therapeutics (NASDAQ:CLDX) Stock

Key Points

• HC Wainwright raised Celldex Therapeutics’ price target from $42 to $64 and maintained a “Buy” rating, implying 89.2% upside from the prior close.
• Analyst sentiment is broadly positive, with a MarketBeat consensus rating of “Moderate Buy” and an average price target of $59.17, despite one Sell and one Hold rating.
• Celldex shares recently traded at $33.83, while institutional investors—including Wellington Management and Dimensional Fund Advisors— increased their holdings. The company’s lead candidate, barzolvolimab, is being evaluated for immune-mediated diseases.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) had its price objective upped by investment analysts at HC Wainwright from $42.00 to $64.00 in a note issued to investors on Tuesday, Briefing.com reports. The firm presently has a "buy" rating on the biopharmaceutical company's stock. HC Wainwright's target price suggests a potential upside of 89.20% from the stock's previous close.

Other research analysts have also recently issued reports about the company. Wall Street Zen upgraded Celldex Therapeutics from a "strong sell" rating to a "sell" rating in a report on Sunday, July 12th. Morgan Stanley upped their price objective on shares of Celldex Therapeutics from $46.00 to $50.00 and gave the stock an "overweight" rating in a report on Thursday, September 10th. Barclays lifted their target price on shares of Celldex Therapeutics from $48.00 to $53.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Canaccord Genuity Group lowered their price objective on shares of Celldex Therapeutics from $62.00 to $60.00 and set a "buy" rating for the company in a research note on Wednesday, July 22nd. Finally, Guggenheim boosted their price objective on Celldex Therapeutics from $90.00 to $100.00 and gave the company a "buy" rating in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $59.17.

Celldex Therapeutics Stock Performance

Celldex Therapeutics stock traded down $4.06 during mid-day trading on Tuesday, reaching $33.83. 8,114,299 shares of the company were exchanged, compared to its average volume of 977,479. The business has a fifty day moving average of $39.12 and a 200 day moving average of $34.81. Celldex Therapeutics has a 12-month low of $22.10 and a 12-month high of $45.14. The firm has a market cap of $2.66 billion, a P/E ratio of -7.70 and a beta of 0.84.

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 business had revenue of $0.02 million during the quarter, compared to analyst estimates of $0.73 million. Sell-side analysts predict that Celldex Therapeutics will post -4.17 EPS for the current year.

Hedge Funds Weigh In On Celldex Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP lifted its position in shares of Celldex Therapeutics by 11.5% during the second 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 last quarter. Commodore Capital LP lifted its position in shares of Celldex Therapeutics by 5.1% in the 1st quarter. Commodore Capital LP now owns 2,696,616 shares of the biopharmaceutical company's stock valued at $85,537,000 after acquiring an additional 131,616 shares in the last quarter. Eversept Partners LP grew its position in Celldex Therapeutics by 24.6% during the 1st quarter. Eversept Partners LP now owns 1,788,016 shares of the biopharmaceutical company's stock worth $56,716,000 after purchasing an additional 353,291 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Celldex Therapeutics by 62.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,059,534 shares of the biopharmaceutical company's stock valued at $33,596,000 after purchasing an additional 407,818 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in shares of Celldex Therapeutics by 1.1% in the fourth quarter. Fisher Asset Management LLC now owns 937,158 shares of the biopharmaceutical company's stock valued at $25,453,000 after purchasing an additional 10,001 shares in the last quarter.

About Celldex Therapeutics

Celldex Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing antibody-based therapeutics for diseases with significant unmet medical needs. The company's research programs address conditions in immunology, inflammation, oncology and other areas where targeted immune-system modulation may provide therapeutic benefits.

Celldex's lead investigational product is barzolvolimab, an antibody designed to block the KIT receptor and reduce mast cells. The therapy is being studied in immune-mediated diseases, including chronic spontaneous urticaria and prurigo nodularis.

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