Roth Capital analyst Joseph Pantginis reiterated a Buy rating on Celldex Therapeutics, Inc. (NASDAQ:CLDX) with a price target of $43, after the company announced the initiation of its Phase I/II study of varlilumab with Yervoy in metastatic melanoma patients. Celldex shares are currently trading at $27.59, up $1.21 or 4.59%.

Pantginis wrote, "While this is an important study that will show feasibility of combination with checkpoint inhibitors, we believe focus should be on the Phase I/II combination study with Opdivo in advanced refractory tumors, including melanoma, and we look forward for updates on clinical responses in the different tumor types. While this study is not currently focused on melanoma, we believe the next stages will include a melanoma-focused study, which should be favorable for varlilumab, given Opdivo's approval for this indication and its efficacy."

Furthermore, "We believe varlilumab could benefit more from a combination study with an improved checkpoint inhibitor. Recall that varlilumab is also studied with Oncothyreon Inc (USA)(NASDAQ:ONTY) ONT-10 in breast and ovarian cancers and with sunitinib in metastatic clear cell RCC and with Roche's MPDL3280A in a Phase I/II study in renal cell carcinoma."

According to, which measures analysts' and bloggers' success rate based on how their calls perform, analyst Joseph Pantginis has a total average return of 10.9% and a 54.1% success rate. Pantginis has a 53.4% average return when recommending CLDX, and is ranked #158 out of 3568 analysts.