Celldex Therapeutics (NASDAQ:CLDX) Price Target Lowered to $40.00 at Morgan Stanley

Celldex Therapeutics (NASDAQ:CLDX) had its price target decreased by stock analysts at Morgan Stanley from $44.00 to $40.00 in a research 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 objective indicates a potential upside of 16.30% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the stock. Canaccord Genuity Group lowered their price objective on shares of Celldex Therapeutics from $62.00 to $60.00 and set a “buy” rating for the company in a report on Wednesday. Barclays lifted their target price on shares of Celldex Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. UBS Group upped their price target on shares of Celldex Therapeutics from $38.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, June 10th. Wells Fargo & Company raised their price objective on Celldex Therapeutics from $38.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, May 13th. Finally, Guggenheim lifted their price objective on Celldex Therapeutics from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Celldex Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.23.

Celldex Therapeutics Stock Down 3.6%

Shares of NASDAQ CLDX traded down $1.27 during trading hours on Wednesday, reaching $34.39. 987,546 shares of the stock traded hands, compared to its average volume of 962,796. The company has a market capitalization of $2.70 billion, a P/E ratio of -8.05 and a beta of 0.90. Celldex Therapeutics has a 52-week low of $19.72 and a 52-week high of $40.30. The company’s 50-day simple moving average is $33.46 and its two-hundred day simple moving average is $30.53.

Celldex Therapeutics (NASDAQ:CLDX) last released its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($1.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.15) by ($0.03). The company had revenue of $0.01 million during the quarter, compared to the consensus estimate of $0.80 million. As a group, sell-side analysts forecast that Celldex Therapeutics will post -4.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Celldex Therapeutics

A number of hedge funds have recently modified their holdings of CLDX. Wilmington Savings Fund Society FSB bought a new position in shares of Celldex Therapeutics during the third quarter valued at about $42,000. Russell Investments Group Ltd. increased its holdings in Celldex Therapeutics by 27.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,315 shares of the biopharmaceutical company’s stock valued at $47,000 after purchasing an additional 501 shares during the period. Quantbot Technologies LP purchased a new position in Celldex Therapeutics during the 3rd quarter valued at about $63,000. Kestra Advisory Services LLC purchased a new position in Celldex Therapeutics during the 4th quarter valued at about $98,000. Finally, Headlands Technologies LLC bought a new position in Celldex Therapeutics during the 2nd quarter valued at approximately $125,000.

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

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.