Celldex Therapeutics (NASDAQ:CLDX) Shares Gap Down - Should You Sell?

Key Points

• Celldex Therapeutics (NASDAQ:CLDX) saw its shares drop significantly from a previous close of $26.77 to an opening price of $24.87, currently trading at $26.51.
• Analysts have mixed ratings on the stock, with Barclays issuing an "underweight" rating and a $25 target, while HC Wainwright and Citigroup maintained "buy" ratings but lowered their price targets to $42 and $48, respectively.
• The company reported a quarterly loss of ($0.85) earnings per share, exceeding analyst expectations slightly, but its revenue of $0.73 million fell short of the $1.13 million consensus estimate.

Celldex Therapeutics, Inc. (NASDAQ:CLDX - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $26.77, but opened at $24.87. Celldex Therapeutics shares last traded at $26.51, with a volume of 137,634 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CLDX shares. Barclays started coverage on shares of Celldex Therapeutics in a research report on Monday. They issued an "underweight" rating and a $25.00 price target for the company. HC Wainwright reduced their price target on shares of Celldex Therapeutics from $50.00 to $42.00 and set a "buy" rating for the company in a research report on Wednesday, August 20th. Wells Fargo & Company reduced their price target on shares of Celldex Therapeutics from $44.00 to $38.00 and set an "overweight" rating for the company in a research report on Wednesday, August 20th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Celldex Therapeutics in a report on Wednesday, October 8th. Finally, Citigroup reduced 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 equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Celldex Therapeutics has an average rating of "Moderate Buy" and an average target price of $43.78.

Celldex Therapeutics Stock Performance

The stock has a market cap of $1.79 billion, a P/E ratio of -8.97 and a beta of 1.33. The company's 50 day moving average price is $24.01 and its 200-day moving average price is $21.50.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) last issued its quarterly 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 company had revenue of $0.73 million for the quarter, compared to the consensus estimate 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, analysts forecast that Celldex Therapeutics, Inc. will post -2.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Celldex Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in CLDX. Nisa Investment Advisors LLC lifted its holdings in Celldex Therapeutics by 171.7% during the second quarter. Nisa Investment Advisors LLC now owns 1,394 shares of the biopharmaceutical company's stock valued at $28,000 after purchasing an additional 881 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Celldex Therapeutics by 27.6% during the second quarter. Russell Investments Group Ltd. now owns 2,315 shares of the biopharmaceutical company's stock valued at $47,000 after purchasing an additional 501 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Celldex Therapeutics by 6,665.9% during the first quarter. GAMMA Investing LLC now owns 2,977 shares of the biopharmaceutical company's stock valued at $54,000 after purchasing an additional 2,933 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Celldex Therapeutics during the second quarter valued at about $125,000. Finally, Tower Research Capital LLC TRC lifted its holdings in Celldex Therapeutics by 289.6% during the second quarter. Tower Research Capital LLC TRC now owns 7,247 shares of the biopharmaceutical company's stock valued at $147,000 after purchasing an additional 5,387 shares during 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.