Celldex Therapeutics (NASDAQ:CLDX) Trading 9% Higher - Here's What Happened

Celldex Therapeutics, Inc. (NASDAQ:CLDX - Get Free Report)'s share price was up 9% on Friday . The stock traded as high as $24.03 and last traded at $22.19. Approximately 884,115 shares changed hands during mid-day trading, a decline of 5% from the average daily volume of 928,196 shares. The stock had previously closed at $20.35.

Analyst Ratings Changes

Several research analysts have recently weighed in on CLDX shares. Canaccord Genuity Group started coverage on shares of Celldex Therapeutics in a report on Monday, April 28th. They issued a "buy" rating and a $64.00 price target for the company. Morgan Stanley reduced their target price 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. HC Wainwright restated a "buy" rating and set a $50.00 target price on shares of Celldex Therapeutics in a report on Friday. UBS Group reduced their target price on shares of Celldex Therapeutics from $44.00 to $38.00 and set a "buy" rating for the company in a report on Friday, May 9th. Finally, The Goldman Sachs Group reduced their target price on shares of Celldex Therapeutics from $36.00 to $31.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Celldex Therapeutics has an average rating of "Moderate Buy" and a consensus price target of $50.90.

Celldex Therapeutics Price Performance

The company's 50-day simple moving average is $19.43 and its 200-day simple moving average is $21.80. The stock has a market capitalization of $1.41 billion, a P/E ratio of -8.27 and a beta of 1.33.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The biopharmaceutical company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.75) by ($0.06). Celldex Therapeutics had a negative return on equity of 19.75% and a negative net margin of 1,544.32%. The firm had revenue of $0.70 million for the quarter, compared to the consensus estimate of $1.08 million. 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

Several large investors have recently modified their holdings of CLDX. Values First Advisors Inc. raised its position in shares of Celldex Therapeutics by 20.0% in the fourth quarter. Values First Advisors Inc. now owns 29,009 shares of the biopharmaceutical company's stock valued at $733,000 after purchasing an additional 4,837 shares during the period. Handelsbanken Fonder AB raised its position in shares of Celldex Therapeutics by 52.9% in the fourth quarter. Handelsbanken Fonder AB now owns 21,100 shares of the biopharmaceutical company's stock valued at $533,000 after purchasing an additional 7,300 shares during the period. Los Angeles Capital Management LLC raised its position in shares of Celldex Therapeutics by 128.9% in the fourth quarter. Los Angeles Capital Management LLC now owns 15,421 shares of the biopharmaceutical company's stock valued at $390,000 after purchasing an additional 8,683 shares during the period. Fisher Asset Management LLC raised its position in shares of Celldex Therapeutics by 20.9% in the fourth quarter. Fisher Asset Management LLC now owns 452,497 shares of the biopharmaceutical company's stock valued at $11,435,000 after purchasing an additional 78,145 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Celldex Therapeutics by 1.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 544,330 shares of the biopharmaceutical company's stock valued at $13,755,000 after purchasing an additional 5,474 shares during the period.

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.