Cantor Fitzgerald Thinks Celldex’s Stock is Going to RecoverBy Austin Angelo
Cantor Fitzgerald analyst Mara Goldstein reiterated a Buy rating on Celldex (NASDAQ: CLDX) today and set a price target of $9. The company’s shares opened today at $3.84, close to its 52-week low of $2.85.
“Shares of CLDX are trading off on what we believe to be a reaction to a trial of CDX-1127/varlilulmab in prostate cancer being discontinued. The trial, according to ClinicalTrials.gov, is being suspended due to low enrollment, not efficacy or safety.”
According to TipRanks.com, Goldstein is a 4-star analyst with an average return of 2.9% and a 44.0% success rate. Goldstein covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Corvus Pharmaceuticals Inc, and Axsome Therapeutics Inc.
Celldex has an analyst consensus of Strong Buy, with a price target consensus of $10.
Based on Celldex’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $2.22 million and GAAP net loss of $29.6 million. In comparison, last year the company earned revenue of $1.03 million and had a GAAP net loss of $31.98 million.
Based on the recent corporate insider activity of 11 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CLDX in relation to earlier this year. Most recently, in September 2016, Tibor Keler, the Executive VP & CSO of CLDX bought 3,000 shares for a total of $9,960.
Celldex Therapeutics, Inc. engages in the research, development, and manufacture of biopharmaceutical products. Its portfolio includes therapeutic antibodies, antibody drug conjugates, vaccines, and immune system modulators. Its drug candidates include Glembatumumab vedotin, Varlilumab, CDX-1401, CDX-301, and Rintega. The company was founded by Anthony S. Marucci and Tibor Keler in 1983 and is headquartered in Hampton, NJ.