H.C. Wainwright Reiterates Buy Rating, $73 Price Target on Celldex Therapeutics (CLDX)

H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating and $73.00 price target on Celldex Therapeutics (NASDAQ: CLDX).

The analyst comments: "We reiterate our Buy rating and are increasing our price target to $73 from $60 based on: (1) adjustment to our base year; (2) adjustment to fully diluted share count; and importantly; (3) increasing our projected chance of success for barzolvolimab from 60% to 70% in urticaria indications. Our target is based on our clinical net present value (NPV) model, which currently derives its value from CDX-1140 (13% contribution), and barzolvolimab (CDX-0159) (83% contribution), with the remaining modest contribution coming from the early CDX-527 clinical program (4%). We project that based on clinical progress beyond their current early stage programs, both CDX-1140 and CDX-0159 have meaningful upside potential to our valuation. Further, we also do not include additional assets from the TAM program, each of which are addressing exciting clinical targets. This model allows us to flex multiple assumptions affecting a drug's potential commercial profile. Factors that could impede reaching our price target include failed or inconclusive clinical trials or inability of the company to secure adequate funding to progress its drugs through the development pathway."

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 $31.62 yesterday.

By Vlad Schepkov

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