In a research report published Monday, Brean Capital analyst Jason Wittes reiterated a Buy rating on shares of Celldex Therapeutics, Inc. (NASDAQ:CLDX) with a price target of $16, after the drug maker presented positive results from its Phase 2 study of glembatumumab vedotin in patients with stage III/IV checkpoint inhibitor-refractory, and, if applicable, BRAF/MEK inhibitor-refractory metastatic melanoma, at the ESMO 2016 Congress.

Wittes wrote, “While these results are not enough for an accelerated approval pathway (15% ORR, generally), which was not within expectations to begin with, they do show continued promise of the drug in melanoma and now refractory melanoma patients. Based on this and previous studies, the company plans on further investigating Glemba as a combination therapy and will add a new arm to its ongoing Glemba/Vari (Varlilumab is Celldex’s fully human monoclonal agonist antibody that binds and activates CD27, a critical co-stimulatory molecule in the immune activation cascade) combination to include a checkpoint inhibitor.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Wittes has a yearly average return of 6.6% and a 57% success rate. Wittes is ranked #480 out of 4183 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 90%, the stock’s consensus target price stands at $8.00.

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