Jefferies Raises Price Target on Celldex (CLDX) to $5 Following 2Q; Reiterates Hold
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Jefferies reiterated a Hold rating on Celldex Therapeutics (NASDAQ: CLDX), and raised the price target to $5.00 (from $4.00), following the company's 2Q earnings report. Enrollment in the METRIC trial testing glemba in TNBC overexpressing gpNMB has been going slow. Management believes that this is due to the large number of ongoing trials in TNBC. CLDX reported GAAP EPS of ($0.32), compared to the consensus estimates of ($0.34).
Analyst Biren Amin commented, "On glemba, the METRIC trial is enrolling slower than expected but the additional 25 sites that were opened in the EU should help with additional sites expected to enroll in the near-term. We expect mgmt will update the trial timeline later this year. The varli + Opdivo combo trial began enrolling the PII portion in April, and eliminated the lung cancer cohort. This trial does not have a pre-specified PD1 baseline expression for inclusion/exclusion."
Shares of Celldex Therapeutics closed at $4.52 yesterday.
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