Cowen Maintains Outperform On Celldex Following Initiation Of Phase II Trial Of Glembatumumab In Advanced Melanoma
Cowen analyst Boris Peaker maintained an Outperform rating on Celldex Therapeutics (NASDAQ:CLDX) with a price target of $26, following the news that the company has initiated an open-label Phase 2 study of glembatumumab vedotin (CDX-011) in patients with unresectable Stage III or IV melanoma.
Peaker noted, “While we view today’s news as an incremental positive for CLDX, our valuation of glemba is currently driven entirely by its potential in breast cancer. Glemba is currently in a Phase III trial (METRIC) in gpNMB+ TNBC with enrollment expected to complete in early 2016. The initiation of the melanoma trial is in line with our belief that glemba has potential across a variety of indications, and as such CLDX is planning future studies in SCLC, osteosarcoma, uveal melanoma and pediatric sarcoma.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Boris Peaker has a total average return of 30.3% and a 63.4% success rate. Peaker has a 2.2% average return when recommending CLDX, and is ranked #91 out of 3395 analysts.