Celldex Therapeutics (NASDAQ:CLDX) Shares Gap Down - Here's What Happened

Key Points

• Celldex Therapeutics shares fell 12.3%, opening at $36.60 versus a prior close of $37.89 and later trading near $35.18 on volume of about 3.68 million shares.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $56.42, despite individual targets ranging from $45 to $100.
• In its latest quarter, Celldex reported a loss of $0.94 per share, beating expectations for a $1.06 loss, but revenue of $0.02 million fell well short of the $0.73 million estimate.

Celldex Therapeutics, Inc. (NASDAQ:CLDX - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $37.89, but opened at $36.60. Celldex Therapeutics shares last traded at $35.18, with a volume of 3,679,133 shares traded.

Wall Street Analysts Forecast Growth

CLDX has been the subject of a number of research reports. Canaccord Genuity Group decreased their target price on shares of Celldex Therapeutics from $62.00 to $60.00 and set a "buy" rating for the company in a research note on Wednesday, July 22nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Celldex Therapeutics in a report on Friday, July 17th. Wells Fargo & Company lifted their price objective on Celldex Therapeutics from $48.00 to $72.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Guggenheim upped their price objective on Celldex Therapeutics from $90.00 to $100.00 and gave the company a "buy" rating in a research report on Monday, July 20th. Finally, UBS Group increased their target price on Celldex Therapeutics from $38.00 to $45.00 and gave the company a "buy" rating in a report on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $56.42.

Celldex Therapeutics Stock Down 12.3%

The firm has a market capitalization of $2.61 billion, a PE ratio of -7.61 and a beta of 0.84. The stock's fifty day simple moving average is $39.12 and its 200 day simple moving average is $34.81.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.94) earnings per share for the quarter, topping the consensus estimate of ($1.06) by $0.12. The business had revenue of $0.02 million for the quarter, compared to analysts' expectations of $0.73 million. On average, analysts predict that Celldex Therapeutics, Inc. will post -4.17 EPS for the current year.

Institutional Trading of Celldex Therapeutics

Several hedge funds have recently bought and sold shares of CLDX. Nykredit A S bought a new position in shares of Celldex Therapeutics in the second quarter worth about $67,000. Diversified Trust Co bought a new position in shares of Celldex Therapeutics during the 1st quarter valued at approximately $223,000. Walleye Capital LLC bought a new position in shares of Celldex Therapeutics during the 1st quarter valued at approximately $258,000. Amundi purchased a new stake in Celldex Therapeutics in the 1st quarter worth approximately $297,000. Finally, ProShare Advisors LLC increased its holdings in Celldex Therapeutics by 6.9% in the 4th quarter. ProShare Advisors LLC now owns 11,973 shares of the biopharmaceutical company's stock worth $325,000 after acquiring an additional 773 shares in the last quarter.

Celldex Therapeutics Company Profile

Celldex Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing antibody-based therapeutics for diseases with significant unmet medical needs. The company's research programs address conditions in immunology, inflammation, oncology and other areas where targeted immune-system modulation may provide therapeutic benefits.

Celldex's lead investigational product is barzolvolimab, an antibody designed to block the KIT receptor and reduce mast cells. The therapy is being studied in immune-mediated diseases, including chronic spontaneous urticaria and prurigo nodularis.

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