Cantor Fitzgerald and Brean Capital Positive on Celldex Therapeutics
TipRanks | Jun 01, 2015 11:41AM ET
Celldex Therapeutics, Inc. (NASDAQ: CLDX ) shares were up more than 10% in pre-market trading today after the biopharmaceutical company released positive trial results from the Rintega study. The study successfully reached its primary endpoint of progression-free survival at six months in patients.
Rintega, also known as Rindopepimut or CDX-110, is a pipeline treatment for GBM, an aggressive form of brain tumors. The data was presented at the American Society of Clinical Oncology by David Reardon, M.D., who commented:
“The results of the [study] are striking because we are observing an extremely rare overall survival advantage that is now translating into long-term survival for a number of patients—something not seen in [GBM]. Importantly, patients… are not only surviving longer, they are experiencing a notable decrease in the need for steroids and the numerous side effects associated with their use.”
Furthermore, the treatment was very well tolerated by patients.
Mara Goldstein , of Cantor Fitzgerald, pointed out that this study was different than previous studies due to its larger population of enrolled patients. Moreover, the new data showed “a statistically significant difference in overall survival at 12 and 18 months.”
On June 1, Mara Goldstein reiterated a Buy rating on Celldex Therapeutics Inc (NASDAQ:CLDX) with a $38 price target. Following the data released on the GBM study, Goldstein believes that “commercialization [of the drug] is likely.” Goldstein is “awaiting clarity on the registration path for Rintega,” but believes the therapy is heading towards a New Drug Application as it has already been designated as a breakthrough drug. Goldstein concluded, “We continue to like shares of Celldex based on the depth and breadth candidates in numerous clinical trials.”
Mara Goldstein has rated Celldex five times since April 2012, earning a 60% success rate recommending the stock with a +22% average return per CLDX rating. Overall, Goldstein has a 71% success rate recommending stocks with a +17.2% average return per rating.
Separately on June 1, Brean Capital analyst Jonathan Aschoff reiterated a Buy rating on Celldex Therapeutics with a $35 price target after the biopharmaceutical company released positive data from the trial. Aschoff explained:
Get The News You Want
Read market moving news with a personalized feed of stocks you care about.Get The App“Despite the relatively forgiving prespecified [primary endpoint] statistics, the trial did formally achieve its primary endpoint but far more importantly, maintained its interim OS benefit when using the 2-sided log-rank test.”
Aschoff was also impressed by the steroid reduction in the drug, allowing patients somewhat of a “steroid holiday.” The analyst believes that the OS result is the most compelling factor for FDA Accelerated Approval.
Jonathan Aschoff has rated Celldex five times since November 2013, earning an 80% success rate recommending the stock with a +31.7% average return per CLDX rating. Overall, Aschoff has a 55% success rate recommending stocks with a +8.6% average return per rating.
On average, the top analyst consensus for Celldex on TipRanks is Strong Buy.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.