Celldex Therapeutics' (CLDX) "Buy" Rating Reaffirmed at Canaccord Genuity Group

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

Other analysts also recently issued reports about the stock. HC Wainwright lowered their price objective on shares of Celldex Therapeutics from $50.00 to $42.00 and set a "buy" rating on the stock in a report on Wednesday, August 20th. Wells Fargo & Company lowered their price objective on shares of Celldex Therapeutics from $44.00 to $38.00 and set an "overweight" rating on the stock in a report on Wednesday, August 20th. Finally, Citigroup decreased their target price on shares of Celldex Therapeutics from $56.00 to $48.00 and set a "buy" 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 given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $46.67.

Celldex Therapeutics Stock Performance

CLDX stock traded down $1.31 during mid-day trading on Wednesday, hitting $24.61. 2,473,738 shares of the company were exchanged, compared to its average volume of 1,381,859. The firm has a market cap of $1.63 billion, a P/E ratio of -8.18 and a beta of 1.19. The firm's 50 day simple moving average is $23.02 and its 200 day simple moving average is $20.89. 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 announced its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($0.85) EPS for the quarter, topping the consensus estimate of ($0.86) by $0.01. Celldex Therapeutics had a negative net margin of 3,446.88% and a negative return on equity of 27.61%. The firm had revenue of $0.73 million for the quarter, compared to the consensus estimate of $1.13 million. On average, equities research analysts predict that Celldex Therapeutics will post -2.48 EPS for the current fiscal year.

Hedge Funds Weigh In On Celldex Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vestal Point Capital LP raised its stake 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 purchasing an additional 1,551,354 shares in the last quarter. Nuveen LLC acquired a new position in Celldex Therapeutics in the first quarter valued at about $7,789,000. Segall Bryant & Hamill LLC acquired a new position in Celldex Therapeutics in the second quarter valued at about $7,894,000. Millennium Management LLC raised its stake in Celldex Therapeutics by 327.3% in the first quarter. Millennium Management LLC now owns 399,932 shares of the biopharmaceutical company's stock valued at $7,259,000 after purchasing an additional 306,330 shares in the last quarter. Finally, Commodore Capital LP raised its stake in Celldex Therapeutics by 7.8% in the second quarter. Commodore Capital LP now owns 3,450,000 shares of the biopharmaceutical company's stock valued at $70,208,000 after purchasing an additional 250,000 shares in the last quarter.

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.