Cowen Downgrades Celldex Therapeutics (CLDX) to Market Perform

Cowen downgraded Celldex Therapeutics (NASDAQ: CLDX) from Outperform to Market Perform.

Analyst Boris Peaker commented, "CLDX announced this morning that glemb'a pivotal METRIC study in gpNMB+ TNBC failed to meet its primary PFS endpoint. All glembatumumab development, including checkpoint inhibitor combination in melanoma, will be discontinued. Given uncertainty around earlier stage pipeline candidates we are downgrading to Market Perform as we await more clarity around the development strategy for these assets."

For an analyst ratings summary and ratings history on Celldex Therapeutics click here. For more ratings news on Celldex Therapeutics click here.

Shares of Celldex Therapeutics closed at $2.15 yesterday.

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