Celldex Therapeutics (NASDAQ:CLDX) Shares Up 8% - Here's Why

Key Points

• Celldex Therapeutics shares rose 8% to $29.72 in midday trading, although volume was 51% below the average session level.
• Analyst sentiment remains broadly positive: 11 analysts rate the stock a Buy and one rates it a Strong Buy, with a consensus “Moderate Buy” rating and a $61.92 target price. Several firms recently raised their targets, including Leerink Partners to $88 and Guggenheim to $100.
• Institutional investors increased their positions, led by Wellington Management’s 11.5% holding increase and Assenagon Asset Management’s 438.3% increase. Celldex is developing antibody-based therapies, including lead candidate barzolvolimab for mast cell–mediated disorders.

Celldex Therapeutics, Inc. (NASDAQ:CLDX - Get Free Report)'s stock price shot up 8% during mid-day trading on Monday. The stock traded as high as $29.31 and last traded at $29.72. 534,150 shares traded hands during trading, a decline of 51% from the average session volume of 1,085,809 shares. The stock had previously closed at $27.53.

Wall Street Analyst Weigh In

A number of brokerages have commented on CLDX. Morgan Stanley increased their price objective on Celldex Therapeutics from $50.00 to $57.00 and gave the company an "overweight" rating in a research report on Wednesday, September 23rd. Weiss Ratings restated a "sell (d-)" rating on shares of Celldex Therapeutics in a research report on Thursday. Leerink Partners upped their price target on Celldex Therapeutics from $70.00 to $88.00 and gave the company an "outperform" rating in a research note on Wednesday, September 23rd. HC Wainwright reiterated a "buy" rating and issued a $64.00 price target on shares of Celldex Therapeutics in a report on Friday, October 2nd. Finally, Guggenheim raised their price target on Celldex Therapeutics from $90.00 to $100.00 and gave the company a "buy" rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Celldex Therapeutics has an average rating of "Moderate Buy" and a consensus target price of $61.92.

Celldex Therapeutics Stock Up 8.0%

The stock has a market cap of $2.33 billion, a price-to-earnings ratio of -6.81 and a beta of 0.90. The stock's fifty day moving average is $36.55 and its 200-day moving average is $34.85.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) last posted its 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 firm had revenue of $0.02 million during the quarter, compared to analyst estimates of $0.73 million. As a group, equities research analysts predict that Celldex Therapeutics, Inc. will post -4.17 earnings per share for the current fiscal year.

Institutional Trading of Celldex Therapeutics

A number of large investors have recently made changes to their positions in CLDX. Wellington Management Group LLP lifted its holdings in Celldex Therapeutics by 11.5% during the second quarter. Wellington Management Group LLP now owns 9,543,671 shares of the biopharmaceutical company's stock worth $355,120,000 after acquiring an additional 983,195 shares in the last quarter. Commodore Capital LP grew its stake in Celldex Therapeutics by 5.1% in the first quarter. Commodore Capital LP now owns 2,696,616 shares of the biopharmaceutical company's stock valued at $85,537,000 after acquiring an additional 131,616 shares during the period. Eversept Partners LP increased its holdings in shares of Celldex Therapeutics by 24.6% in the first quarter. Eversept Partners LP now owns 1,788,016 shares of the biopharmaceutical company's stock worth $56,716,000 after acquiring an additional 353,291 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Celldex Therapeutics by 62.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,059,534 shares of the biopharmaceutical company's stock worth $33,596,000 after acquiring an additional 407,818 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in shares of Celldex Therapeutics by 438.3% during the second quarter. Assenagon Asset Management S.A. now owns 788,696 shares of the biopharmaceutical company's stock worth $29,347,000 after purchasing an additional 642,171 shares during the period.

About Celldex Therapeutics

Celldex Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing antibody-based therapies for diseases with significant unmet medical needs. The company's research programs target mast cell–mediated disorders, inflammatory diseases, and cancer, using engineered antibodies designed to modulate specific immune-system pathways.

Celldex's lead product candidate is barzolvolimab, an investigational monoclonal antibody that targets the KIT receptor on mast cells.

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