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

Key Points

• Wells Fargo raised Celldex Therapeutics’ price target to $72 from $48 and maintained an “overweight” rating, implying roughly 101% upside from the stock’s $35.84 price.
• Analyst sentiment is broadly positive: Celldex has an overall “Moderate Buy” rating and an average price target of $54.62, despite some firms recently lowering their targets.
• Celldex reported a quarterly loss of $1.18 per share, slightly worse than estimates, and analysts expect a full-year loss of approximately $4.36 per share.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) had its price target increased by equities researchers at Wells Fargo & Company from $48.00 to $72.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the biopharmaceutical company's stock. Wells Fargo & Company's target price indicates a potential upside of 100.86% from the stock's current price.

CLDX has been the subject of several other research reports. Canaccord Genuity Group dropped their price target on shares of 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 decreased their price target on Celldex Therapeutics from $67.00 to $61.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 22nd. Guggenheim increased their price objective on Celldex Therapeutics from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. UBS Group upped their price objective on shares of Celldex Therapeutics from $38.00 to $45.00 and gave the stock a "buy" rating in a research note on Wednesday, June 10th. Finally, Wall Street Zen upgraded shares of Celldex Therapeutics from a "strong sell" rating to a "sell" rating in a research report on Sunday, July 12th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $54.62.

Celldex Therapeutics Price Performance

NASDAQ:CLDX traded up $0.27 during trading hours on Wednesday, reaching $35.84. The company's stock had a trading volume of 257,309 shares, compared to its average volume of 959,235. The company has a market cap of $2.81 billion, a price-to-earnings ratio of -8.39 and a beta of 0.90. The business's 50-day moving average is $33.86 and its 200-day moving average is $30.83. Celldex Therapeutics has a one year low of $19.72 and a one year high of $40.30.

Celldex Therapeutics (NASDAQ:CLDX - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.15) by ($0.03). The firm had revenue of $0.01 million during the quarter, compared to the consensus estimate of $0.80 million. On average, sell-side analysts predict that Celldex Therapeutics will post -4.36 EPS for the current fiscal year.

Institutional Trading of Celldex Therapeutics

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

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.

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