Monday Morning’s Insights: Celldex Therapeutics, Inc. (CLDX), Linn Energy LLC (LINE), LinnCo LLC (LNCO)
Celldex Therapeutics, Inc. (NASDAQ:CLDX) shareholders are having a rough morning as the company’s shares are collapsing, down 51% in pre-market trading Monday, after the company announced that the independent Data Safety and Monitoring Board (DSMB) has determined, based on a preplanned interim analysis, that continuation of the Phase 3 ACT IV study of RINTEGA® in patients with newly diagnosed EGFRvIII-positive glioblastoma will not reach statistical significance for overall survival in patients with minimal residual disease, the primary endpoint of the study, as both the RINTEGA arm and the control arm are performing on par with each other.
According to TipRanks’ statistics, out of the 5 analysts who have rated the stock in the past 3 months, all 5 gave a Buy rating. The average 12-month price target for the stock is $28.20, marking a 244% upside from where shares last closed.
Shareholders of Linn Energy LLC (NASDAQ:LINE) and LinnCo LLC (NASDAQ:LNCO) woke up to another huge pop in the value of their shares, as oil prices extended gains this morning on hopes of lower supply and improving global outlook. Positive US jobs data handed a further boost to crude futures and commodity prices in general, which enjoyed a strong week.