Needham & Company Maintains a 'Buy' on Celldex Therapeutics (CLDX); Management Focus Grows on Upcoming Phase 3 Rindopepimut Trial Initiation

Needham & Company maintains a 'Buy' on Celldex Therapeutics (NASDAQ: CLDX) price target of $12.00

Needham analyst says, "Yesterday, we met with Celldex CEO Anthony Marucci who reviewed the Company’s comprehensive pipeline and upcoming events. We note three highlights of this discussion: (1) rindopepimut - the protocol for the Phase 3 ACT IV study of rindopepimut in 1st-line GBM has been finalized with both the FDA and the EMA, and the trial is expected to start in 4Q11. We are positively inclined towards this pivotal ACT IV study, built on robust and consistent data from three Phase 2 studies spanning from 2003-2010. Furthermore, the Company is planning a Phase 2 RCT in combination with Avastin in the recurrent GBM setting in 2H11, which may report data before the Phase 3 trial and has a potential for quick label expansion; (2) CDX-011 - the RCT Phase 2 of CDX-011, an ADC against GPNMB, in 3rd-line breast cancer is expected to complete enrollment by YE11, with data expected at the 2012 ASCO Meeting; and (3) other pipeline development - the Company also plans to advance the CDX-1127 mAb into Phase 1 trials in solid and liquid tumors by YE11."

For more ratings news on Celldex Therapeutics click here and for the rating history of Celldex Therapeutics click here.

Shares of Celldex Therapeutics closed at $2.85 yesterday.

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