Oppenheimer Comments On Celldex Therapeutics Following 3Q14 Results

Oppenheimer analyst Christopher Marai out today with his second note this week on Celldex Therapeutics (NASDAQ:CLDX) maintaining an Outperform rating, with a $36 price target, as the company reported third-quarter results on Wednesday.

Marai wrote, “CLDX announced that they are modifying the glemba (CDX-011) P2b METRIC study in triple-negative breast cancer to enroll a broader population. Entrance criteria will be relaxed, now enrolling patients under a broader definition of TN disease and more consistent with medical practice as well as the prior P2 EMERGE trial. Additionally, the design will now incorporate PFS as a primary endpoint, instead of co-primaries of ORR and PFS, enhancing study powering. Changes will also make this study amenable to a full approval in the EU and potentially in the US instead of previously planned accelerated approval path.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Christopher Marai has a total average return of 6.0% and a 48.1% success rate. Marai has a -20.9% average return when recommending CLDX, and is ranked #1167 out of 3363 analysts.

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