Canaccord Genuity Group Issues Positive Forecast for Celldex Therapeutics (NASDAQ:CLDX) Stock Price

Celldex Therapeutics (NASDAQ:CLDX) had its price objective hoisted by analysts at Canaccord Genuity Group from $60.00 to $68.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Canaccord Genuity Group‘s price target would indicate a potential upside of 115.87% from the company’s previous close.

Several other brokerages have also recently issued reports on CLDX. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Celldex Therapeutics in a research note on Thursday, October 15th. Leerink Partners increased their target price on shares of Celldex Therapeutics from $70.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, September 23rd. 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. Barclays raised their target price on shares of Celldex Therapeutics from $48.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Finally, Guggenheim upped their price target on Celldex Therapeutics from $90.00 to $100.00 and gave the company a “buy” rating in a report on Monday, July 20th. Eleven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Celldex Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $64.08.

Celldex Therapeutics Trading Up 5.5%

CLDX stock traded up $1.63 during trading hours on Monday, hitting $31.50. 542,936 shares of the stock traded hands, compared to its average volume of 1,077,239. The stock has a 50-day simple moving average of $32.93 and a 200 day simple moving average of $32.68. The company has a market cap of $2.47 billion, a P/E ratio of -7.33 and a beta of 1.04. Celldex Therapeutics has a one year low of $22.10 and a one year high of $45.14.

Celldex Therapeutics (NASDAQ:CLDX) last issued its quarterly earnings results on Thursday, November 5th. The biopharmaceutical company reported ($0.96) EPS for the quarter, topping the consensus estimate of ($1.02) by $0.06. The business had revenue of $0.40 million during the quarter, compared to the consensus estimate of $0.72 million. Analysts forecast that Celldex Therapeutics will post -4.17 earnings per share for the current year.

Hedge Funds Weigh In On Celldex Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its holdings in shares of Celldex Therapeutics by 11.5% in the second quarter. Wellington Management Group LLP now owns 9,543,671 shares of the biopharmaceutical company’s stock valued at $355,120,000 after purchasing an additional 983,195 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Celldex Therapeutics by 438.3% during the second quarter. Assenagon Asset Management S.A. now owns 788,696 shares of the biopharmaceutical company’s stock valued at $29,347,000 after buying an additional 642,171 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Celldex Therapeutics by 62.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,059,534 shares of the biopharmaceutical company’s stock valued at $33,596,000 after buying an additional 407,818 shares in the last quarter. Eversept Partners LP grew its holdings in shares of Celldex Therapeutics by 24.6% during the first quarter. Eversept Partners LP now owns 1,788,016 shares of the biopharmaceutical company’s stock valued at $56,716,000 after buying an additional 353,291 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Celldex Therapeutics by 70.8% during the first quarter. Bank of America Corp DE now owns 708,647 shares of the biopharmaceutical company’s stock valued at $22,478,000 after buying an additional 293,759 shares in the last quarter.

About Celldex Therapeutics

Celldex Therapeutics, Inc is a clinical-stage biopharmaceutical company that develops antibody-based treatments for inflammatory diseases and cancer. Its research focuses on targets involved in immune responses and the activity of mast cells.

The company’s lead candidate, barzolvolimab, is an antibody that targets the KIT receptor. Celldex is studying it for chronic urticaria and other conditions associated with mast-cell activity.

Celldex also has early-stage oncology programs that investigate antibody therapies designed to affect immune pathways.