Celldex Therapeutics (NASDAQ:CLDX) Stock Jumps 8% – Here’s Why

Celldex Therapeutics, Inc. (NASDAQ:CLDX) shot up 8% during mid-day trading on Monday. The company traded as high as $29.31 and last traded at $29.72. Approximately 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.

Analyst Ratings Changes

Several brokerages have commented on CLDX. Cantor Fitzgerald raised their target price on shares of Celldex Therapeutics from $61.00 to $72.00 and gave the stock an “overweight” rating in a report on Tuesday, September 22nd. Morgan Stanley increased their price objective on shares of Celldex Therapeutics from $50.00 to $57.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 23rd. Guggenheim increased their target price on Celldex Therapeutics from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Stifel Nicolaus set a $68.00 price target on Celldex Therapeutics in a research note on Tuesday, September 22nd. Finally, Leerink Partners boosted their price target on Celldex Therapeutics from $70.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $61.92.

Celldex Therapeutics Stock Performance

The firm’s 50-day simple moving average is $36.55 and its 200 day simple moving average is $34.85. The stock has a market capitalization of $2.33 billion, a P/E ratio of -6.81 and a beta of 0.90.

Celldex Therapeutics (NASDAQ:CLDX) last announced its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($0.94) earnings per share for the quarter, beating the consensus estimate of ($1.06) by $0.12. The company had revenue of $0.02 million during the quarter, compared to the consensus estimate of $0.73 million. As a group, research analysts expect that Celldex Therapeutics, Inc. will post -4.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CLDX. Nykredit A S acquired a new stake in Celldex Therapeutics in the second quarter valued at $67,000. Diversified Trust Co bought a new position in shares of Celldex Therapeutics in the 1st quarter valued at about $223,000. Walleye Capital LLC bought a new position in shares of Celldex Therapeutics in the 1st quarter valued at about $258,000. Amundi acquired a new position in shares of Celldex Therapeutics during the 1st quarter worth about $297,000. Finally, Glenmede Trust Co. NA acquired a new position in shares of Celldex Therapeutics during the 1st quarter worth about $357,000.

Celldex Therapeutics Company Profile

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.