Celldex Therapeutics (NASDAQ:CLDX) Shares Gap Up - Should You Buy?

Celldex Therapeutics, Inc. (NASDAQ:CLDX) experienced a notable gap up when the market opened on Wednesday. Previously closing at $27.60, the stock opened at $28.75. As of the latest trading, Celldex shares were quoted at $27.28, with a volume of 216,928 shares changing hands.

Analysts Set New Price Targets

Multiple research firms have recently provided updates on CLDX. The Goldman Sachs Group began coverage on Celldex Therapeutics in a note dated September 30, where they assigned a "neutral" rating and established a price target of $45.00. Meanwhile, Wells Fargo & Company upgraded their stance on Celldex from a "hold" to a "strong buy" on September 26. HC Wainwright reaffirmed a "buy" rating and set an ambitious price target of $80.00 for the shares on December 19. Cantor Fitzgerald also echoed positive sentiments, maintaining an "overweight" rating with a target price of $67.00 in a report from January 2. Furthermore, Citigroup initiated coverage on October 7 with a "buy" rating and a target price of $70.00. Collectively, two analysts have issued a hold rating, five have rated it a buy, and one has tagged it as a strong buy. According to MarketBeat.com, the overall rating for Celldex is a "Moderate Buy", with an average target price of $62.25.

Celldex Therapeutics Trading Up 2.6 %

As the market continued, Celldex Therapeutics saw an increase of 2.6%. The stock has a 50-day moving average price of $26.11 and a 200-day moving average of $32.56. The company's market capitalization stands at approximately $1.88 billion, with a price-to-earnings ratio of -11.02 and a beta of 1.62, indicating a degree of volatility.

Insiders Make Strategic Buys

In recent insider news, CEO Anthony S. Marucci made a notable purchase of 11,500 shares of Celldex Therapeutics on November 11, acquiring them at an average price of $26.82 per share for a total expenditure of $308,430. Following this transaction, Marucci now holds a total of 40,284 shares, valued around $1,080,416, reflecting a significant increase of nearly 40% in his stock ownership. The transaction was documented in a filing with the SEC. Overall, about 3.80% of the company's stock is owned by insiders.

Institutional Investments in Celldex Therapeutics

Institutional investors and hedge funds have also been active in the stock recently. Novo Holdings A S increased their stake in Celldex by 13.4% during the third quarter and now owns 963,663 shares worth around $32.76 million, following the acquisition of an additional 113,663 shares. Jennison Associates LLC also saw a significant rise in their position by 32.0%, now holding 1,324,410 shares valued at $45.01 million, having added 321,325 shares in that period. Additionally, Point72 Asset Management grew their stake by 51.0% in the second quarter, amassing 1,937,991 shares valued at $71.73 million after acquiring 654,194 shares. Bank of New York Mellon increased their holdings by 14.6%, now owning 230,162 shares worth $8.52 million. Lastly, BNP Paribas Financial Markets raised their position by an impressive 293.2%, now holding 28,181 shares valued at $958,000 after purchasing 21,013 shares during the last quarter.

About Celldex Therapeutics

Celldex Therapeutics, Inc. is a biopharmaceutical firm that specializes in developing therapeutic monoclonal and bispecific antibodies aimed at treating various diseases. Their product pipeline focuses on antibody-based therapies intended for patients dealing with inflammatory, allergic, autoimmune, and other severe conditions.

Final Considerations

Before considering an investment in Celldex Therapeutics, potential investors should take into account the market's current perception of the stock. While analysts have offered a "Moderate Buy" rating for CLDX, it is important to look at other investment opportunities that may be deemed more favorable at present. Research from top analysts suggests there might be better stocks to consider beyond Celldex Therapeutics.

Celldex, Therapeutics, NASDAQ