Brean Capital Reiterates Buy On Celldex Therapeutics Following 3Q14 Results
Brean Capital analyst Jonathan Aschoff reiterated a Buy rating on Celldex Therapeutics (NASDAQ:CLDX) with a price target of $35.00, following the company’s third-quarter financial results and update on its pipeline.
Aschoff wrote, “Celldex fully enrolled 700 newly diagnosed glioblastoma patients in its Phase 3 ACT IV trial of rindopepimut. Additional data from the Phase 2 ReACT trial for recurrent GBM will be presented at the SNO meeting in mid-November. Regarding CDX-011 (glembatumumab vedotin), Celldex is amending the protocol for its ongoing METRIC trial for TNBC with GPNMB over-expression and will expand the trial into the EU. Celldex will include a broader TNBC patient population, and the primary endpoint will be PFS alone instead of PFS and ORR. Full enrollment of 300 patients is now expected in 2016. A Phase 2 trial for metastatic melanoma will start by YE14 and Phase 2 for squamous cell lung cancer will start in late 2014 or early 2015. The Phase 1 trial of single agent varlilumab is well under way, and combination trials with varlilumab are expected to start later this year or next year. Celldex ended 3Q14 with a healthy $224 million in cash and investments, which should be sufficient funds through 2016.”
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 11.2% and a 57.6% success rate. Aschoff has a -45.5% average return when recommending CLDX, and is ranked #250 out of 3364 analysts.