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

Key Points

• Canaccord Genuity Group trimmed its price target on Celldex Therapeutics from $62 to $60, while keeping a buy rating on the stock. The new target still implies about 68% upside from the current share price.
• Analyst sentiment remains broadly positive, with Celldex carrying an average Moderate Buy rating and a consensus price target of $53.73. Recent analyst actions have been mixed, including higher targets from Guggenheim, Wells Fargo, and Barclays.
• Celldex shares opened at $35.66, and the company recently reported a quarterly EPS loss of $1.18, slightly worse than estimates, on minimal revenue. The stock has traded between $19.72 and $40.30 over the past year.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) had its price objective lowered by analysts at Canaccord Genuity Group from $62.00 to $60.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the biopharmaceutical company's stock. Canaccord Genuity Group's target price suggests a potential upside of 68.26% from the company's current price.

CLDX has been the subject of a number of other research reports. Guggenheim lifted 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. Wells Fargo & Company upped their target price on Celldex Therapeutics from $38.00 to $54.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 13th. Barclays raised their target price on Celldex Therapeutics from $45.00 to $48.00 and gave the stock an "overweight" rating in a report on Friday, May 8th. Wall Street Zen raised Celldex Therapeutics from a "strong sell" rating to a "sell" rating in a report on Sunday, July 12th. Finally, HC Wainwright reissued a "buy" rating and set a $42.00 price target on shares of Celldex Therapeutics in a report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Celldex Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $53.73.

Celldex Therapeutics Price Performance

CLDX stock opened at $35.66 on Wednesday. The company has a market capitalization of $2.80 billion, a P/E ratio of -8.37 and a beta of 0.90. Celldex Therapeutics has a 12 month low of $19.72 and a 12 month high of $40.30. The firm's fifty day simple moving average is $33.46 and its 200-day simple moving average is $30.53.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) last issued its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($1.18) earnings per share (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, sell-side analysts forecast that Celldex Therapeutics will post -4.36 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Wilmington Savings Fund Society FSB purchased a new position in shares of Celldex Therapeutics during the 3rd quarter valued at approximately $42,000. Russell Investments Group Ltd. increased its holdings in Celldex Therapeutics by 27.6% in 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 position in Celldex Therapeutics during the third quarter worth $63,000. Kestra Advisory Services LLC acquired a new position in Celldex Therapeutics during the fourth quarter worth $98,000. Finally, Headlands Technologies LLC purchased a new position in Celldex Therapeutics during the second quarter valued at $125,000.

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.

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