Leerink Raises CLDX to $18 A Day Before CLDX to Make Big Announcement. LINK
Celldex Therapeutics (CLDX +2.3%) moves up after being initiated by Leerink Swann
Seeking Alpha Market Currents
· Wednesday, March 6, 11:11 AM ET
Celldex Therapeutics (CLDX +2.3%) moves up after being initiated by Leerink Swann with an Outperform rating and a price target of $18 a share. Leerink cites the strength of the drug developer's portfolio, saying 6 wholly owned clinical-stage biologics assets make its breadth rare among small and mid-cap biotech companies. The coverage also comes just a day before the company is expected to announce plans for a late stage study of CDX-011, a treatment for metastatic breast cancer - which should be a key catalyst for the stock.
Leerink's PT of $18 is conservative: 1 drug in pivotal trial (110), another one starting pivotal trial in a couple of month (011), 4 other drugs with blockbuster potential in the pipeline.
All drugs wholly owned by CLDX.
CLDX is the biotech stock of the year!
Yes. The wholly owned fact makes Celldex undervalued. Once Celldex starts selling a product it should become easily profitable. I would expect a high growth firm like Celldex to have a very high PE multiple. I expect CLDX to hit $20 this year.