Celldex Therapeutics, Inc. (NASDAQ:CLDX) announced today it has completed its previously announced acquisition of Kolltan Pharmaceuticals, Inc., a privately held company focused on the discovery and development of novel, antibody-based drugs targeting receptor tyrosine kinases (RTKs).
“Celldex has added a unique platform of antibodies targeting receptor tyrosine kinases, which are validated targets in oncology, to our pipeline. Clinical and preclinical data suggest these candidates can help overcome tumor resistance mechanisms associated with current tyrosine kinase inhibitors and seen in patients who have failed other cancer therapies,” said Anthony Marucci, Co-founder, President and Chief Executive Officer of Celldex. “We believe these programs are highly compatible with our scientific approach and can be developed independently and in combination with Celldex’s existing product candidates. We are finalizing our integrated clinical development strategy and look forward to outlining these plans in the coming weeks.”
The following programs have been added to the Celldex pipeline:
- CDX-0158 (formerly KTN0158) — a humanized monoclonal antibody that is a potent inhibitor of KIT activation and receptor dimerization in tumor cells and mast cells, which is currently in a Phase 1 dose escalation study in refractory gastrointestinal stromal tumors (GIST).
- CDX-3379 (formerly KTN3379) — a human monoclonal antibody designed to block the activity of ErbB3 (HER3), which recently completed a Phase 1b study with combination cohorts where meaningful responses and stable disease were observed in cetuximab (Erbitux®) refractory patients in head and neck squamous cell carcinoma and in BRAF-mutant non-small cell lung cancer (NSCLC).
- A multi-faceted TAM program — a broad antibody discovery effort underway to generate antibodies that modulate the TAM family of RTKs, comprised of Tyro3, AXL and MerTK, which are expressed on tumor-infiltrating macrophages, dendritic cells and some tumors. Research supports TAMs having broad application and potential across immuno-oncology and inflammatory diseases. (Original Source)
Shares of Celldex are up nearly 3% to $4.15 in after-hours trading. CLDX has a 1-year high of $18.31 and a 1-year low of $2.85. The stock’s 50-day moving average is $3.63 and its 200-day moving average is $4.16.
On the ratings front, Celldex has been the subject of a number of recent research reports. In a report issued on November 7, Cantor Fitzgerald analyst Mara Goldstein reiterated a Buy rating on CLDX, with a price target of $9, which implies an upside of 128% from current levels. Separately, on the same day, Roth Capital’s Joseph Pantginis reiterated a Buy rating on the stock and has a price target of $7.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mara Goldstein and Joseph Pantginis have a yearly average return of 4.0% and a loss of 11.8% respectively. Goldstein has a success rate of 47% and is ranked #759 out of 4239 analysts, while Pantginis has a success rate of 35% and is ranked #4143.
Sentiment on the street is mostly bullish on CLDX stock. Out of 5 analysts who cover the stock, 4 suggest a Buy rating and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $10.00, which implies an upside of 154% from current levels.
Celldex Therapeutics, Inc. engages in the research, development, and manufacture of biopharmaceutical products. Its portfolio includes therapeutic antibodies, antibody drug conjugates, vaccines, and immune system modulators. Its drug candidates include Glembatumumab vedotin, Varlilumab, CDX-1401, CDX-301, and Rintega.