Brean Capital analyst Jason Wittes was out with a research report, assuming coverage on shares of Celldex Therapeutics, Inc. (NASDAQ:CLDX), with a Buy rating and price target of $16.00, which implies an upside of 265% from current levels.
Wittes’ investment thesis based solely on the company’s two clinical programs CDX-011 and CDX-1127. For CDX-o11, Wittes expects enrollment to complete in 1Q:17. A Phase II trial with glemba for metastatic melanoma has completed enrollment, with data to be presented later this weekend at the European Society for Medical Oncology (ESMO) Congress.
Wittes noted, “Our target price for CLDX […] based only on projected revenue from CDX-011 and CDX-1127 launching in 2019, among their current clinical indications.”
As usual, we like to include the analyst’s trackrecord when reporting on new analyst notes to give a perspective on the effect it has on stock performance. According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Wittes has a yearly average return of 6.9% and a 58% success rate. Wittes is ranked #454 out of 4197 analysts.
Out of the 9 analysts polled by TipRanks, 5 rate Celldex stock a Buy, while 4 rate the stock a Hold. With a return potential of 84%, the stock’s consensus target price stands at $8.