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

Key Points

• Celldex Therapeutics shares fell after Cantor Fitzgerald cut its price target from $67 to $61, causing the stock to gap down at the open.
• The analyst community remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $54.33, though a few firms have recently turned more cautious.
• The company recently missed quarterly earnings and revenue estimates, reporting a loss of $1.18 per share and just $0.01 million in revenue versus expectations of $0.80 million.

Celldex Therapeutics, Inc. (NASDAQ:CLDX - Get Free Report)'s share price gapped down before the market opened on Wednesday after Cantor Fitzgerald lowered their price target on the stock from $67.00 to $61.00. The stock had previously closed at $35.66, but opened at $33.83. Cantor Fitzgerald currently has an overweight rating on the stock. Celldex Therapeutics shares last traded at $33.5370, with a volume of 488,828 shares traded.

CLDX has been the subject of a number of other research reports. Wall Street Zen raised shares of Celldex Therapeutics from a "strong sell" rating to a "sell" rating in a research report on Sunday, July 12th. Wells Fargo & Company lifted their price target on shares of Celldex Therapeutics from $38.00 to $54.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 13th. UBS Group upped their price objective on Celldex Therapeutics from $38.00 to $45.00 and gave the company a "buy" rating in a research note on Wednesday, June 10th. Barclays upped their target price on shares of Celldex Therapeutics from $45.00 to $48.00 and gave the stock an "overweight" rating in a report on Friday, May 8th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Celldex Therapeutics in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $54.33.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Celldex Therapeutics by 1.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,451 shares of the biopharmaceutical company's stock valued at $798,000 after buying an additional 680 shares in the last quarter. Millennium Management LLC raised its holdings in Celldex Therapeutics by 327.3% in the 1st quarter. Millennium Management LLC now owns 399,932 shares of the biopharmaceutical company's stock valued at $7,259,000 after acquiring an additional 306,330 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Celldex Therapeutics by 12.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 131,296 shares of the biopharmaceutical company's stock worth $2,383,000 after purchasing an additional 14,979 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Celldex Therapeutics by 27.6% during the second quarter. Russell Investments Group Ltd. now owns 2,315 shares of the biopharmaceutical company's stock worth $47,000 after purchasing an additional 501 shares during the period. Finally, Hsbc Holdings PLC acquired a new stake in Celldex Therapeutics during the 2nd quarter worth approximately $347,000.

Celldex Therapeutics Stock Down 4.5%

The stock has a fifty day moving average price of $33.46 and a two-hundred day moving average price of $30.53. The company has a market cap of $2.67 billion, a price-to-earnings ratio of -7.92 and a beta of 0.90.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($1.18) earnings per share 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 analyst estimates of $0.80 million. Analysts predict that Celldex Therapeutics, Inc. will post -4.36 earnings per share for the current fiscal year.

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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