Wells Fargo & Company Issues Pessimistic Forecast for Celldex Therapeutics (NASDAQ:CLDX) Stock Price

Key Points

• Wells Fargo cut its price target on Celldex Therapeutics from $54 to $48 while keeping an overweight rating, implying about 38.55% upside from the prior close.
• Analyst sentiment remains mostly positive overall, with the stock carrying a Moderate Buy consensus and an average price target of $52.77, though other firms also trimmed targets and Weiss Ratings reiterated a sell rating.
• Celldex shares fell to $34.65 after the company reported a quarterly EPS miss and very weak revenue, and analysts expect the company to post -4.36 EPS for the current fiscal year.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) had its price objective cut by investment analysts at Wells Fargo & Company from $54.00 to $48.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the biopharmaceutical company's stock. Wells Fargo & Company's price objective indicates a potential upside of 38.55% from the company's previous close.

A number of other equities research analysts have also commented on CLDX. Morgan Stanley dropped their price target on Celldex Therapeutics from $44.00 to $40.00 and set an "overweight" rating on the stock in a research report on Wednesday. HC Wainwright reissued a "buy" rating and set a $42.00 target price on shares of Celldex Therapeutics in a research note on Monday, June 15th. UBS Group raised their target price on shares of Celldex Therapeutics from $38.00 to $45.00 and gave the stock a "buy" rating in a report on Wednesday, June 10th. Guggenheim lifted their price target on shares of Celldex Therapeutics from $90.00 to $100.00 and gave the company a "buy" rating in a research note on Monday. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Celldex Therapeutics in a research report on Friday. One research 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 given a Sell rating to the company. According to data from MarketBeat, Celldex Therapeutics has an average rating of "Moderate Buy" and a consensus price target of $52.77.

Celldex Therapeutics Price Performance

Shares of NASDAQ CLDX traded down $1.01 during midday trading on Wednesday, reaching $34.65. 1,037,650 shares of the stock were exchanged, compared to its average volume of 963,039. Celldex Therapeutics has a 12 month low of $19.72 and a 12 month high of $40.30. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of -8.11 and a beta of 0.90. The business has a 50-day simple moving average of $33.46 and a two-hundred day simple moving average of $30.53.

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

Hedge Funds Weigh In On Celldex Therapeutics

Large investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Celldex Therapeutics by 1.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,451 shares of the biopharmaceutical company's stock valued at $798,000 after purchasing an additional 680 shares during the last quarter. Millennium Management LLC grew its position in Celldex Therapeutics by 327.3% in the first quarter. Millennium Management LLC now owns 399,932 shares of the biopharmaceutical company's stock valued at $7,259,000 after purchasing an additional 306,330 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Celldex Therapeutics by 12.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 131,296 shares of the biopharmaceutical company's stock valued at $2,383,000 after buying an additional 14,979 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Celldex Therapeutics by 27.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,315 shares of the biopharmaceutical company's stock valued at $47,000 after buying an additional 501 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new stake in Celldex Therapeutics during the 2nd quarter worth about $347,000.

Key Stories Impacting Celldex Therapeutics

Here are the key news stories impacting Celldex Therapeutics this week:

• Negative Sentiment: Celldex announced that its Phase 2 study of barzolvolimab in prurigo nodularis failed to meet the main goal and key secondary goals, prompting the company to stop development of the program. Celldex to stop skin disease study after trial setback
• Negative Sentiment: Investors also reacted to after-hours weakness tied to the trial setback, with reporting pointing to a sharp selloff in CLDX following the data release. CLDX stock down 10% after-hours — what’s driving the selloff?
• Neutral Sentiment: Analyst commentary was mixed-to-supportive but still trimmed valuation targets: Cantor Fitzgerald cut its target to $61 from $67 and maintained an overweight rating, while Canaccord Genuity lowered its target to $60 from $62 and kept a buy rating. Benzinga analyst updates
• Neutral Sentiment: Guggenheim also raised its price target to $100, suggesting some analysts still see substantial long-term upside despite the clinical setback. Guggenheim Boosts Celldex Therapeutics NASDAQ: CLDX Price Target to $100.00

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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