UPDATE: Brean Capital Maintains Buy On Celldex Therapeutics Following Positive Avastin-Naïve Data
In a research report issued today, Brean Capital analyst Jonathan Aschoff maintained a Buy rating on Celldex Therapeutics (NASDAQ:CLDX) with a $35 price target, following the news of encouraging late interim data from the company’s Phase 2 ReACT trials with rindopepimut plus Avastin in EGFRvIII-positive recurrent glioblastoma patients.
Aschoff noted, “Compared to the last data readout at SNO 2013, the updated data showed statistically significant overall survival with rindo in Avastin-naïve patients with Avastin background therapy versus Avastin alone. Celldex plans to fully enroll the Avastin-naïve cohort in the coming weeks and report final data in due course. Subsequently, the company will discuss the final data with the FDA, since the trial should complete by the time the meeting occurs, and we believe it is very difficult to predict what the FDA will recommend, as the agency would have to deem PFS-6 and OS benefits seen in Phase 2 as significant under extraordinary circumstances for accelerated approval.”
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 12.2% and a 62.6% success rate. Aschoff has a -20.2% average return when recommending CLDX, and is ranked #163 out of 3376 analysts.