Celldex Therapeutics, Inc. (NASDAQ:CLDX) price target has been raised by research analyst Stephen Brozak at WBB Securities. The new price target now stands at $40, representing an upside of nearly 40% over the closing stock price. The analyst also maintained a Strong Buy rating on the stock, after the company reported positive results from its ReACT Phase II clinical trial of RINTEGA with Avastin compared to Avastin alone in patients with recurring EGFRvIII positive Glioblastoma multiforme (GBM).
Brozak observed, “In this trial, as in all previous trials of RINTEGA, significant benefit over any other available drug was shown in a form of cancer that almost inevitably leads to death within two years. RINTEGA increases both progression-free survival (PFS) and overall survival (OS) in treated patients who completed the trial according to protocol.” Furthermore, “In our opinion, further confirmatory data will be revealed within three months, when results of the Phase III trial of RINTEGA as a front-line treatment for GBM will be revealed. We believe that the potential to save lives and improve quality of life for patients with this horrible disease will be so convincing that consideration of accelerated approval for RINTEGA will become a possibility.”
Bottom line: “With CLDX’s ASCO presentation on RINTEGA results and the strength of the follow-up conference call, we are updating coverage of CLDX by continuing our Strong Buy rating and raising our twelve-month target price.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Stephen Brozak has a total average return of 39.2% and a 54.5% success rate. Brozak is ranked #552 out of 3610 analysts.