Cantor Fitzgerald maintained a Buy rating on Celldex Therapeutics (NASDAQ: CLDX), and cut the price target to $31.00 (from $38.00), following its decision to delay BLA filing for Rintega. Analyst Mara Goldstein said that filing for Rintega is not likely until the completion of ACT IV. ACT IV is expected to have its second interim analysis late this year or early next year, and a final analysis could occur by end of 2016 if the trial continues. Celldex shares are expected to trade off.

Goldstein commented, "With a BLA filing for Rintega not likely until the completion of ACT IV (interim review late 2015/early 2016), we expect Celldex shares to trade off. And while we have lowered our PT to $31 from $38 to reflect the change in timing, we still like the shares. Rintega's data has been strong overall thus far, and the company has a portfolio of mid-to-late stage assets that we find compelling, as well as considerable cash resources ($300+ million). We think that this overhang will recede over time, particularly as data for other candidates (i.e., varlilumab) become visible. We maintain a BUY on the shares, even in the wake of share-price weakness"

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Shares of Celldex Therapeutics closed at $21.35 yesterday.