In a research report published Tuesday, Roth Capital analyst Joseph Pantginis reiterated a Buy rating on Celldex Therapeutics, Inc. (NASDAQ:CLDX) with a price target of $7.00, following the company’s third-quarter financial results and update on its development program. Celldex shares are currently trading at $3.75, up $0.46 or 14%.

Pantginis noted, “Although 3Q16 was uneventful, we believe that Celldex made a strategic move earlier this month by acquiring Kolltan Pharmaceuticals, which develops antibody-based drugs targeting receptor tyrosine kinases (RTKs). We believe that the pipelines of the companies complement each other and that potential to combine drugs from the two pipelines exists. Of importance is the decision to terminate the combo Phase I between varlilumab and ipilimumab in stage III/IV metastatic melanoma. The standard of care has changed resulting in physician reluctance to use ipilimumab in this setting and therefore CLDX has decided to terminate this study.”

“We believe that 2017 should be data rich and believe that investors should start accumulating positions,” the analyst concludes.

As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joseph Pantginis has a yearly average loss of 14.6% and a 30% success rate. Pantginis has a 18.2% average loss when recommending CLDX, and is ranked #4046 out of 4181 analysts.

Out of the 10 analysts polled by TipRanks, 6 rate Celldex Therapeutics stock a Buy, while 4 rate the stock a Hold. With a return potential of 128.6%, the stock’s consensus target price stands at $8.57.