Rock Springs Capital Management LP Cuts Holdings in Celldex Therapeutics, Inc. $CLDX

Key Points

• Rock Springs Capital Management cut its Celldex Therapeutics stake by 6.1% in the first quarter, selling 42,268 shares and retaining 650,270 shares valued at approximately $20.6 million.
• Several other institutional investors increased their positions, including Eversept Partners, Quantinno Capital Management, SummitTX Capital and Commodore Capital.
• Analysts maintain a generally positive outlook, with Celldex receiving a “Moderate Buy” consensus rating and an average price target of $52.77, versus a recent share price of $35.65. The company reported a quarterly EPS loss of $1.18, slightly below estimates.

Rock Springs Capital Management LP cut its position in shares of Celldex Therapeutics, Inc. (NASDAQ:CLDX - Free Report) by 6.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 650,270 shares of the biopharmaceutical company's stock after selling 42,268 shares during the quarter. Celldex Therapeutics makes up about 1.2% of Rock Springs Capital Management LP's investment portfolio, making the stock its 25th largest position. Rock Springs Capital Management LP owned 0.83% of Celldex Therapeutics worth $20,627,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in CLDX. Eversept Partners LP grew its position in shares of Celldex Therapeutics by 24.6% in the 1st quarter. Eversept Partners LP now owns 1,788,016 shares of the biopharmaceutical company's stock worth $56,716,000 after buying an additional 353,291 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Celldex Therapeutics by 3.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 77,772 shares of the biopharmaceutical company's stock worth $2,467,000 after buying an additional 2,642 shares during the period. Quantinno Capital Management LP increased its stake in shares of Celldex Therapeutics by 178.7% during the first quarter. Quantinno Capital Management LP now owns 65,744 shares of the biopharmaceutical company's stock valued at $2,085,000 after purchasing an additional 42,158 shares in the last quarter. SummitTX Capital L.P. raised its stake in Celldex Therapeutics by 446.2% during the first quarter. SummitTX Capital L.P. now owns 236,637 shares of the biopharmaceutical company's stock valued at $7,506,000 after buying an additional 193,313 shares during the last quarter. Finally, Commodore Capital LP raised its position in shares of Celldex Therapeutics by 5.1% in the 1st quarter. Commodore Capital LP now owns 2,696,616 shares of the biopharmaceutical company's stock worth $85,537,000 after purchasing an additional 131,616 shares during the last quarter.

Celldex Therapeutics Stock Performance

CLDX stock opened at $35.65 on Tuesday. The company has a market cap of $2.80 billion, a price-to-earnings ratio of -8.37 and a beta of 0.90. The business's 50-day moving average is $33.75 and its two-hundred day moving average is $30.78. Celldex Therapeutics, Inc. has a fifty-two week low of $19.72 and a fifty-two week high of $40.30.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.15) by ($0.03). The business had revenue of $0.01 million during the quarter, compared to analyst estimates of $0.80 million. Equities analysts predict that Celldex Therapeutics, Inc. will post -4.36 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CLDX shares. Canaccord Genuity Group decreased their target price on Celldex Therapeutics from $62.00 to $60.00 and set a "buy" rating for the company in a research report on Wednesday, July 22nd. Cantor Fitzgerald dropped their price target on shares of Celldex Therapeutics from $67.00 to $61.00 and set an "overweight" rating on the stock in a report on Wednesday, July 22nd. Wells Fargo & Company reduced their price target on shares of Celldex Therapeutics from $54.00 to $48.00 and set an "overweight" rating for the company in a research note on Wednesday, July 22nd. Barclays boosted their price objective on shares of Celldex Therapeutics from $45.00 to $48.00 and gave the company an "overweight" rating in a report on Friday, May 8th. Finally, Guggenheim increased their price objective on shares of Celldex Therapeutics from $90.00 to $100.00 and gave the company a "buy" rating in a research report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $52.77.

Celldex Therapeutics Company Profile

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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