Morgan Stanley Boosts Celldex Therapeutics (NASDAQ:CLDX) Price Target to $46.00

Key Points

• Morgan Stanley raised Celldex Therapeutics’ price target from $40 to $46 while maintaining an “overweight” rating, implying 10.81% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $55.46; targets from other firms range as high as $100.
• CLDX shares edged down 0.1% to $41.51, while the company reported a quarterly loss of $0.94 per share—better than the expected $1.06 loss—despite revenue of only $0.02 million.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) had its price target lifted by investment analysts at Morgan Stanley from $40.00 to $46.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the biopharmaceutical company's stock. Morgan Stanley's price objective suggests a potential upside of 10.81% from the stock's previous close.

Other research analysts have also issued research reports about the stock. UBS Group increased their price target on shares of Celldex Therapeutics from $38.00 to $45.00 and gave the stock a "buy" rating in a research report on Wednesday, June 10th. Canaccord Genuity Group lowered their price objective on Celldex Therapeutics from $62.00 to $60.00 and set a "buy" rating on the stock in a research note on Wednesday, July 22nd. Cantor Fitzgerald dropped their target price on Celldex Therapeutics from $67.00 to $61.00 and set an "overweight" rating for the company in a report on Wednesday, July 22nd. Barclays raised their target price on Celldex Therapeutics from $48.00 to $53.00 and gave the stock an "overweight" rating in a research report on Friday. Finally, Guggenheim upped their price target on Celldex Therapeutics from $90.00 to $100.00 and gave the company a "buy" rating in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.46.

Celldex Therapeutics Trading Down 0.1%

CLDX stock traded down $0.05 during midday trading on Friday, hitting $41.51. The stock had a trading volume of 426,497 shares, compared to its average volume of 965,212. Celldex Therapeutics has a 52 week low of $19.72 and a 52 week high of $42.92. The stock has a 50-day simple moving average of $34.99 and a 200 day simple moving average of $31.46. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of -9.79 and a beta of 0.87.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($0.94) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.06) by $0.12. The business had revenue of $0.02 million during the quarter, compared to analyst estimates of $0.73 million. On average, equities analysts forecast that Celldex Therapeutics will post -4.36 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CLDX. Bank of New York Mellon Corp bought a new position in Celldex Therapeutics in the 2nd quarter valued at $8,342,000. Handelsbanken Fonder AB raised its holdings in Celldex Therapeutics by 5.0% during the 2nd quarter. Handelsbanken Fonder AB now owns 27,200 shares of the biopharmaceutical company's stock worth $1,012,000 after purchasing an additional 1,300 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in Celldex Therapeutics by 438.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 788,696 shares of the biopharmaceutical company's stock valued at $29,347,000 after purchasing an additional 642,171 shares during the period. Apella Capital LLC lifted its position in Celldex Therapeutics by 56.6% during the 2nd quarter. Apella Capital LLC now owns 26,658 shares of the biopharmaceutical company's stock valued at $1,064,000 after purchasing an additional 9,634 shares during the period. Finally, Mirador Capital Partners LP boosted its stake in shares of Celldex Therapeutics by 1.7% in the 2nd quarter. Mirador Capital Partners LP now owns 181,054 shares of the biopharmaceutical company's stock valued at $6,737,000 after purchasing an additional 3,001 shares during the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source