H.C Wainwright raised its price target for Celldex Therapeutics (NASDAQ:CLDX) to $25 from $16, citing three differentiated programs that are now in the clinic. The stock closed at $15.76 on Oct. 16.
“As we have stated previously, we believe that Celldex’s fundamental reset is complete,” writes analyst Joseph Pantginis, Pd.D., adding that he expects upcoming news flow from the three programs to continue to support the shares.
Last week, the company began its first CDX-0159 study in urticaria patients following strong Phase 1 data in June 2020. In late August, Celldex announced the expected start of a Phase 1 study with its new bispecific antibody candidate, CDX-527. “This asset targets both PD-L1 and CD27, which could confer a powerful one-two punch to activating the immune system against tumors through taking off the brakes and pressing the accelerator, respectively,” Dr. Pantginis said.
He also expects the company to release interim updates from ongoing expansion cohorts for CDX-1140, which is the company’s potential best-in-class CD40 agonist.
In addition, Dr. Pantginis said Celldex remains strong financially, with cash that should last through 2023.
