Morgan Stanley Has Lowered Expectations for Celldex Therapeutics (NASDAQ:CLDX) Stock Price

Celldex Therapeutics (NASDAQ:CLDX) had its price objective cut by equities researchers at Morgan Stanley from $44.00 to $40.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the biopharmaceutical company’s stock. Morgan Stanley’s price target would suggest a potential upside of 16.30% from the company’s previous close.

A number of other equities analysts also recently issued reports on CLDX. Canaccord Genuity Group decreased 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 note on Wednesday. Cantor Fitzgerald cut their price objective on Celldex Therapeutics from $67.00 to $61.00 and set an “overweight” rating on the stock in a research report on Wednesday. Guggenheim upped their target price on Celldex Therapeutics from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Monday. Wells Fargo & Company increased their target price on Celldex Therapeutics from $38.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 13th. Finally, Wall Street Zen raised Celldex Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 12th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Celldex Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $53.23.

Celldex Therapeutics Price Performance

Celldex Therapeutics stock traded down $1.27 during mid-day trading on Wednesday, reaching $34.39. 987,546 shares of the company traded hands, compared to its average volume of 962,796. Celldex Therapeutics has a 52-week low of $19.72 and a 52-week high of $40.30. The firm has a market capitalization of $2.70 billion, a price-to-earnings ratio of -8.05 and a beta of 0.90. The firm’s 50 day moving average price is $33.46 and its 200 day moving average price is $30.53.

Celldex Therapeutics (NASDAQ:CLDX) last posted its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.15) by ($0.03). The firm had revenue of $0.01 million for the quarter, compared to analysts’ expectations of $0.80 million. On average, sell-side analysts anticipate that Celldex Therapeutics will post -4.36 EPS for the current year.

Institutional Trading of Celldex Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP grew its stake in shares of Celldex Therapeutics by 39.3% in the 4th quarter. Wellington Management Group LLP now owns 8,079,608 shares of the biopharmaceutical company’s stock worth $219,442,000 after buying an additional 2,279,605 shares during the last quarter. Vanguard Group Inc. raised its stake in Celldex Therapeutics by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 4,027,407 shares of the biopharmaceutical company’s stock valued at $109,384,000 after buying an additional 72,817 shares during the last quarter. Bellevue Group AG boosted its holdings in Celldex Therapeutics by 7.6% in the third quarter. Bellevue Group AG now owns 3,557,669 shares of the biopharmaceutical company’s stock worth $92,037,000 after acquiring an additional 250,100 shares in the last quarter. Commodore Capital LP boosted its holdings in Celldex Therapeutics by 7.8% in the second quarter. Commodore Capital LP now owns 3,450,000 shares of the biopharmaceutical company’s stock worth $70,208,000 after acquiring an additional 250,000 shares in the last quarter. Finally, State Street Corp grew its stake in shares of Celldex Therapeutics by 19.5% in the fourth quarter. State Street Corp now owns 3,397,713 shares of the biopharmaceutical company’s stock worth $92,282,000 after acquiring an additional 555,579 shares during the last quarter.

Celldex Therapeutics News Summary

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.