Celldex Therapeutics (NASDAQ:CLDX) Price Target Lowered to $62.00 at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group lowered its price target for Celldex Therapeutics from $64.00 to $62.00 while maintaining a "buy" rating, indicating a potential upside of 185.10% from the current price.
• Several firms, including Morgan Stanley and Goldman Sachs, have also reduced their price targets for Celldex, leading to a consensus target price of $50.50 and an average rating of "Moderate Buy."
• Celldex Therapeutics reported earnings of ($0.85) per share for the last quarter, slightly beating the consensus estimate, but revenues fell short of expectations at $0.73 million.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) had its price target dropped by equities research analysts at Canaccord Genuity Group from $64.00 to $62.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the biopharmaceutical company's stock. Canaccord Genuity Group's target price would suggest a potential upside of 176.05% from the stock's previous close.

Other analysts have also recently issued research reports about the stock. The Goldman Sachs Group decreased their target price on shares of Celldex Therapeutics from $36.00 to $31.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. HC Wainwright decreased their target price on shares of Celldex Therapeutics from $50.00 to $42.00 and set a "buy" rating on the stock in a research note on Wednesday. Morgan Stanley decreased their target price on shares of Celldex Therapeutics from $46.00 to $43.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. Finally, UBS Group decreased their target price on shares of Celldex Therapeutics from $44.00 to $38.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $46.67.

Celldex Therapeutics Stock Up 2.0%

Shares of NASDAQ CLDX traded up $0.44 during midday trading on Wednesday, reaching $22.46. 1,797,765 shares of the company were exchanged, compared to its average volume of 1,313,527. The stock's 50-day moving average price is $22.12 and its 200-day moving average price is $20.64. The stock has a market cap of $1.49 billion, a P/E ratio of -7.46 and a beta of 1.22. Celldex Therapeutics has a one year low of $14.40 and a one year high of $47.00.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) last posted its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($0.85) earnings per share for the quarter, topping analysts' consensus estimates of ($0.86) by $0.01. The firm had revenue of $0.73 million for the quarter, compared to analysts' expectations of $1.13 million. Celldex Therapeutics had a negative net margin of 3,446.88% and a negative return on equity of 27.61%. On average, equities research analysts anticipate that Celldex Therapeutics will post -2.48 EPS for the current year.

Institutional Trading of Celldex Therapeutics

Several institutional investors have recently modified their holdings of the business. Headlands Technologies LLC bought a new stake in shares of Celldex Therapeutics in the second quarter worth $125,000. Tower Research Capital LLC TRC lifted its holdings in Celldex Therapeutics by 289.6% in the second quarter. Tower Research Capital LLC TRC now owns 7,247 shares of the biopharmaceutical company's stock valued at $147,000 after buying an additional 5,387 shares during the period. Exome Asset Management LLC acquired a new position in Celldex Therapeutics in the second quarter valued at $1,486,000. Corient Private Wealth LLC acquired a new position in Celldex Therapeutics in the second quarter valued at $4,105,000. Finally, Vestal Point Capital LP lifted its holdings in Celldex Therapeutics by 781.0% in the second quarter. Vestal Point Capital LP now owns 1,750,000 shares of the biopharmaceutical company's stock valued at $35,612,000 after buying an additional 1,551,354 shares during the period.

About Celldex Therapeutics

Celldex Therapeutics, Inc, a biopharmaceutical company, engages in developing therapeutic monoclonal and bispecific antibodies for the treatment of various diseases. Its drug candidates include antibody-based therapeutics to treat patients with inflammatory, allergic, autoimmune, and other devastating diseases.