A resistance line and a level of support has formed in the chart of Celldex Therapeutics Inc. (NASDAQ:CLDX). At some point, the stock is expected to break through the resistance. When that occurs, a breakout is expected. Read more to learn how to profit from this trade.Celldex Therapeutics Inc. (CLDX) is a biopharmaceutical company. It is focused on the development and commercialization of several immunotherapy technologies and other cancer-targeting biologics. The company is also engaged in clinical trials for products targeting breast cancer, metastatic melanoma, lung cancer, solid tumors, and ovarian cancer.
Over the summer the company reported strong results from an early-stage study for its experimental antibody therapy CDX-0159. Then last month, the company announced that it had initiated dosing in the first cohort of a phase I study evaluating the drug.
The company appears to have a solid balance sheet as it had $164 million in cash at the end of the last quarter compared to only $1 million in long-term debt. In terms of growth, sales are up 90.7% over the past year and are expected to soar 212.8% year over year in the current quarter leading to a Growth Grade of B in our POWR Ratings system.