Leerink Swann maintained an Outperform rating on Celldex Therapeutics (NASDAQ: CLDX) and raised its price target to $45.00 (from $28.00). Analyst Howard Liang discussed views on CDX-1127
"Ahead of first clinical data on CDX-1127 expected at the Society for Immunotherapy of Cancer (SITC) meeting (Nov. 7-10, National Harbor, MD), we spoke with several MEDACorp key opinion leaders (KOLs) and closely examined available data. Our work enhances our conviction that the potential of immuno-oncology (IO) agents could go far beyond the already impressive data shown so far for PD-1 immune checkpoint inhibitors, and we see an analogy to the HCV space in that the winner may lie in the best combination instead of the best anti-PD1 compound," said Liang.
"Our checks addressed several questions on CDX-1127, which we believe is highly interesting as a co-stimulatory agonist. As a combination partner for immune checkpoint inhibitors such as anti-PD-1 agents, we believe the efficacy bar is not high based on our analysis of early clinical data on other IO agents, and we believe any demonstration of single-agent activity coupled with a clean safety profile could position CDX-1127 as one of the leading candidates for PD-1 combination," he added.
Where does Credit Suisse stand on Celldex? They had them present (great presentation BTW) in the spring at their healthcare conference and then dropped the ball- fumbled and ball was picked up and run back for a touchdown by Jim Cramer (and just about every other firm covering Celldex). Unless there is coverage out there I'm not aware of, I've lost all faith in Credit Suisse biotech analysts. Buy more Celldex. We are going higher gentlemen.
Sentiment: Strong Buy
Out of my 2,500 trading shares this morning at $29.90. As I said on Friday, this is one good day trading stock.
Disclosure: Long 10,000 shares of which will always be my core position.
Looks to be another good day for CLDX.