Celldex Therapeutics (NASDAQ:CLDX) Shares Gap Down After Analyst Downgrade

Key Points

• Celldex Therapeutics saw its shares gap down from $24.02 to $21.96 after Canaccord Genuity Group downgraded its price target from $64.00 to $62.00, although the firm maintains a buy rating.
• Other analysts have also lowered their price targets, with Goldman Sachs reducing their target to $31.00 and UBS Group to $38.00, reflecting a consensus rating of "Moderate Buy".
• Celldex reported a quarterly earnings loss of ($0.85) per share, slightly beating estimates, but fell short on revenue expectations, generating only $0.73 million against a forecast of $1.13 million.

Celldex Therapeutics, Inc. (NASDAQ:CLDX - Get Free Report) gapped down prior to trading on Wednesday after Canaccord Genuity Group lowered their price target on the stock from $64.00 to $62.00. The stock had previously closed at $24.02, but opened at $21.96. Canaccord Genuity Group currently has a buy rating on the stock. Celldex Therapeutics shares last traded at $21.70, with a volume of 317,703 shares changing hands.

CLDX has been the subject of several other reports. The Goldman Sachs Group cut their price objective on shares of Celldex Therapeutics from $36.00 to $31.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Morgan Stanley cut their price target on shares of Celldex Therapeutics from $46.00 to $43.00 and set an "overweight" rating for the company in a report on Friday, May 9th. UBS Group decreased their price objective on Celldex Therapeutics from $44.00 to $38.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Finally, HC Wainwright cut their target price on Celldex Therapeutics from $50.00 to $42.00 and set a "buy" rating for the company in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, Celldex Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $50.50.

Institutional Trading of Celldex Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of CLDX. Nisa Investment Advisors LLC lifted its position in shares of Celldex Therapeutics by 171.7% during the second quarter. Nisa Investment Advisors LLC now owns 1,394 shares of the biopharmaceutical company's stock worth $28,000 after purchasing an additional 881 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Celldex Therapeutics by 27.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,315 shares of the biopharmaceutical company's stock worth $47,000 after buying an additional 501 shares during the period. GAMMA Investing LLC increased its stake in Celldex Therapeutics by 6,665.9% during the 1st quarter. GAMMA Investing LLC now owns 2,977 shares of the biopharmaceutical company's stock worth $54,000 after buying an additional 2,933 shares during the period. Aquatic Capital Management LLC acquired a new stake in Celldex Therapeutics during the 4th quarter worth approximately $121,000. Finally, Headlands Technologies LLC acquired a new stake in Celldex Therapeutics during the 2nd quarter worth approximately $125,000.

Celldex Therapeutics Stock Performance

The company's 50-day simple moving average is $22.06 and its 200 day simple moving average is $20.68. The company has a market cap of $1.44 billion, a PE ratio of -7.20 and a beta of 1.22.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($0.85) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.86) by $0.01. The business had revenue of $0.73 million for the quarter, compared to analysts' expectations of $1.13 million. Celldex Therapeutics had a negative return on equity of 27.61% and a negative net margin of 3,446.88%. Analysts forecast that Celldex Therapeutics, Inc. will post -2.48 EPS for the current year.

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.

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