Canaccord Genuity Group Reaffirms Buy Rating for Celldex Therapeutics (NASDAQ:CLDX)

Key Points

• Celldex Therapeutics has received a "buy" rating from Canaccord Genuity Group, with a price target of $62.00, indicating a potential upside of 147.81% from its last closing price.
• Other analysts have varied target prices for the stock, with Wells Fargo reducing theirs from $44.00 to $38.00, while Citigroup decreased theirs from $56.00 to $48.00, currently resulting in an average target of $46.67.
• The company reported a net loss per share of ($0.85) for the last quarter, which was an improvement over analyst expectations, though it fell short of revenue estimates with only $0.73 million generated.

Canaccord Genuity Group reiterated their buy rating on shares of Celldex Therapeutics (NASDAQ:CLDX - Free Report) in a report published on Wednesday morning,Benzinga reports. They currently have a $62.00 target price on the biopharmaceutical company's stock.

Several other analysts also recently issued reports on CLDX. Citigroup reduced their price objective on Celldex Therapeutics from $56.00 to $48.00 and set a "buy" rating on the stock in a research report on Wednesday, August 20th. HC Wainwright reduced their price objective on Celldex Therapeutics from $50.00 to $42.00 and set a "buy" rating on the stock in a research report on Wednesday, August 20th. Finally, Wells Fargo & Company dropped their target price on Celldex Therapeutics from $44.00 to $38.00 and set an "overweight" rating for the company in a research note on Wednesday, August 20th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $46.67.

Celldex Therapeutics Price Performance

CLDX traded down $1.31 during trading on Wednesday, reaching $24.61. 2,473,738 shares of the stock were exchanged, compared to its average volume of 1,381,859. The business's 50 day moving average price is $23.02 and its two-hundred day moving average price is $20.89. The company has a market capitalization of $1.63 billion, a price-to-earnings ratio of -8.18 and a beta of 1.19. Celldex Therapeutics has a 1 year low of $14.40 and a 1 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) EPS for the quarter, topping analysts' consensus estimates of ($0.86) by $0.01. The company had revenue of $0.73 million for the quarter, compared to the consensus estimate of $1.13 million. Celldex Therapeutics had a negative return on equity of 27.61% and a negative net margin of 3,446.88%. On average, analysts anticipate that Celldex Therapeutics will post -2.48 EPS for the current year.

Institutional Trading of Celldex Therapeutics

Hedge funds have recently made changes to their positions in the stock. Mirador Capital Partners LP lifted its holdings in shares of Celldex Therapeutics by 24.1% in the 2nd quarter. Mirador Capital Partners LP now owns 158,717 shares of the biopharmaceutical company's stock worth $3,230,000 after purchasing an additional 30,843 shares during the last quarter. PDT Partners LLC bought a new stake in shares of Celldex Therapeutics in the 1st quarter worth approximately $379,000. Trexquant Investment LP bought a new stake in shares of Celldex Therapeutics in the 1st quarter worth approximately $1,420,000. Deutsche Bank AG lifted its holdings in shares of Celldex Therapeutics by 13.8% in the 1st quarter. Deutsche Bank AG now owns 138,289 shares of the biopharmaceutical company's stock worth $2,510,000 after purchasing an additional 16,788 shares during the last quarter. Finally, Sovran Advisors LLC bought a new stake in shares of Celldex Therapeutics in the 2nd quarter worth approximately $842,000.

Celldex Therapeutics Company Profile

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.