Analysts are weighing in on the development-stage company Celldex Therapeutics, Inc. (NASDAQ:CLDX) and pharmaceutical company Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX), as both stocks are moving higher today following earnings results and corporate updates.
Celldex Therapeutics, Inc.
In a research report released today, Brean Capital analyst Jonathan Aschoff reiterated a Buy rating on shares of Celldex, with a price target of $31, after the company released its third-quarter results and provided update on its clinical progress.
Aschoff wrote, “ACT IV has fully enrolled 745 patients, passed its first interim analysis (triggered by 50% of events), and the second interim analysis (triggered by 75% of events) is expected in late 2015 or early 2016. Final data should become available by YE16. We look forward to updated Phase 2 overall survival and long-term survival from a podium presentation at the SNO Annual Meeting on November 20, where we expect to still see a prominent long term survivor tail.”
“The rest of Celldex’s pipeline is also progressing as expected. The pivotal METRIC trial with glemba for TNBC with GPNMB over-expression is enrolling globally following the trial’s expansion, with full enrollment of 300 patients expected in 2H16 at 100 currently enrolling sites in the US, Canada, and Australia, with 50 more sites to open in the EU in early 2016. Celldex ended 3Q15 with a healthy $305 million in cash and investments, versus $334 million at the end of 2Q15, which could be sufficient to support operations and clinical development through 2017, but Rintega results or commercial expansion could shorten that cash runway,” the analyst continued.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jonathan Aschoff has a total average return of -2.9% and a 41.3% success rate. Aschoff has a -35.0% average return when recommending CLDX, and is ranked #3556 out of 3827 analysts.
All the 7 analysts polled by TipRanks rate Celldex Therapeutics stock a Buy. With a return potential of 165%, the stock’s consensus target price stands at $35.14.
Lexicon Pharmaceuticals, Inc.
Shares of Lexicon Pharmaceuticals are up more than 20% after the company reported 3Q15 results and announced an impressive collaboration agreement with the French drugmaker Sanofi to develop and commercialize Sotagliflozin, an oral diabetes treatment.
Needham analyst Alan Carr was the first to commented: “We believe Lexicon is now very well-positioned to fully leverage the value of sotagliflozin, given Sanofi leadership in diabetes. Furthermore, the company is approaching commercial stage with telotristat NDA submission in Carcinoid Syndrome on track for 1Q16.”
“Enrollment in the Phase 3 sotagliflozin T1D trials is reportedly progressing faster than expected. We expect top-line results in 4Q16 (unch). These trials will continue to be run and funded by Lexicon. The JDRF sponsored 12-wk Phase 2 trial, however, is enrolling slower than expected and results are now expected in 2Q16 (was 1Q16),” the analyst added.
Carr reiterated a Buy rating on Lexicon Pharmaceuticals shares, with a price target of $21, which represents a potential upside of 64% from where the stock is currently trading.
According to TipRanks.com, analyst Alan Carr has a total average return of 27.9% and a 65.0% success rate. Carr has a 13.8% average return when recommending LXRX, and is ranked #9 out of 3827 analysts.