Oppenheimer Reiterates Outperform On Celldex Therapeutics, Sees 117% Upside

Oppenheimer analyst Christopher Marai reiterated an Outperform rating on Celldex Therapeutics (NASDAQ:CLDX) with a price target of $36.00, which represents a potential upside of 117% from where the stock is currently trading. The report comes ahead of the upcoming presentations of Rindopepimut data at 19th Annual Scientific meeting and education day of the Society for Neuro-Oncology (SNO).

Marai commented, “Abstracts from SNO (Nov. 13-16, 2014) for two rindopepimut studies, ReACT, and a compassionate use experience, were released Monday morning. We will be present at SNO, where additonal data, including responses, PFS and OS, are anticipated to be presented on Fri., Nov. 14, with a followup call at 5pm ET. Objective response rate (ORR) data improvement since the last ReACT update, although preliminary, is promising, in our opinion. ORR in cohort 1 (bevacizumab- na├»ve recurrent) in the rindo arm was 23% vs 12% in the comparator arm, vs last update approx. ORR of 16% vs 13%. CLDX will report 3Q financials Nov. 3; we est. quarter-end cash of $216M.”

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 10.3% and a 57.7% success rate. Marai has a average return when recommending CLDX, and is ranked #787 out of 3358 analysts.

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