Celldex Therapeutics, Inc. (NASDAQ:CLDX) announced the promotion of Richard Wright, Ph.D. to Senior Vice President and the newly created position of Chief Commercial Officer. Dr. Wright was previously Vice President of Commercial Operations at Celldex and brings nearly 25 years of industry experience, including the commercialization of six successful drug therapies. As Chief Commercial Officer, Dr. Wright is responsible for developing global business strategy and building the infrastructure required to support commercialization of Celldex’s cancer immunotherapy pipeline.
“The creation of this role reflects our commitment to transforming Celldex into a fully integrated commercial-stage biotechnology company that improves the lives of patients with devastating diseases,” said Anthony Marucci, Co-founder, President and Chief Executive Officer. “Rick’s global experience commercializing novel therapeutics for both orphan diseases and more prevalent indications will be important to Celldex given the breadth and depth of our pipeline. Since joining us in 2012, Rick has successfully established key capabilities in preparation for the launch of our first potential product, RINTEGA®, positioning us well for future success. We look forward to his expanded leadership in this new role and his contributions as a member of the senior executive team.”
“Celldex has one of the deepest, fully owned pipelines in immuno-oncology,” said Dr. Wright. “This provides what I believe is an unparalleled platform upon which to build a premiere commercial organization. I look forward to working with my Celldex colleagues as we enter our next stage of development focused on bringing innovative therapies to patients in need.”
Prior to Celldex, Dr. Wright was Managing Director at Navigant Consulting, where he led a Life Sciences practice focused on commercial strategy for oncology, immunology and rare disease therapies. Previously, Dr. Wright was at Bristol-Myers Squibb, where he held senior leadership roles including Senior Vice President of the U.S. Immunology Business and Vice President and Global Commercial Lead for the Immunology Franchise. At Bristol-Myers Squibb, he was responsible for CTLA4-Ig immunotherapies including the blockbuster drug ORENCIA® and the orphan drug NULOJIX®. In these roles he was charged with setting overall business strategy, commercializing the Company’s broad immunology franchise and managing the U.S. marketing and sales organizations. Dr. Wright began his career at Novartis Pharmaceuticals (Sandoz), where he led research aimed at discovering novel inhibitors of cell migration and metastasis, inhibition of tumor-induced angiogenesis and induction of immune tolerance. At Novartis, he later held several roles in new product commercialization, marketing and salesforce leadership in its Transplant and Immunology Business Unit and was responsible for NEORAL®, SIMULECT®, CERTICAN® and MYFORTIC®. Dr. Wright received his B.S. in Biological Sciences from Rutgers Universityand his M.S. and Ph.D. in Microbiology and Molecular Genetics from The University of Medicine and Dentistry of New Jersey (Rutgers University). He received an M.B.A. in Marketing and Finance from Columbia University. (Original Source)
Shares of Celldex Therapeutics closed yesterday at $25.22 . CLDX has a 1-year high of $32.82 and a 1-year low of $11.93. The stock’s 50-day moving average is $26.28 and its 200-day moving average is $24.55.
On the ratings front, Celldex Therapeutics has been the subject of a number of recent research reports. In a report released yesterday, Oppenheimer analyst Christopher Marai reiterated a Buy rating on CLDX, with a price target of $45, which implies an upside of 78.4% from current levels. Separately, on June 1, Cowen’s Boris Peaker reiterated a Buy rating on the stock and has a price target of $34.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Christopher Marai and Boris Peaker have a total average return of 43.5% and 35.5% respectively. Marai has a success rate of 74.0% and is ranked #6 out of 3683 analysts, while Peaker has a success rate of 60.2% and is ranked #32.
In total, 5 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $38.00 which is 50.7% above where the stock closed yesterday.
Celldex Therapeutics Inc is a biopharmaceutical company. The Company is engaged in the development, manufacturing and commercialization of immunotherapy technologies for the treatment of cancer and other difficult-to-treat diseases.