Celldex (CLDX) Bullish Stance Reiterated at Cantor Fitzgerald Following Q1 and Update

Cantor Fitzgerald analyst Mara Goldstein reiterated a Buy rating and $38 price target on Celldex Therapeutics (NASDAQ: CLDX) following in-line Q1 results and an pipeline update.

The analyst notes that at the end of the quarter, Celldex had $360 million in cash. "This seems sufficient to us to last into 2017, though could be impacted by the regulatory and commercialization plans for Rintega (rindopepimut)," she said.

Goldstein also highlighted that ReACT (Phase II) data, originally presented at the Society for Neuro-Oncology meeting in 4Q:14, will be updated in an oral presentation at ASCO on May 31.

Further the analyst noted the first interim read (50% of events) from the Rintega ACT IV trial (Phase III, in newly diagnosed EGFRvIII GBM) is anticipated in mid-2015.

Finally, the analyst said Varlilumab's mechanism appears to fit into the current clinical trend to explore combinations of immune-oncology treatments. "Varlilumab is currently being explored in various collaborations: in combination with Yervoy (Bristol-Myers Squibb, Phase I/II, metastatic melanoma), Roche's anti-PD-L1 antibody (Phase I/II, renal cell carcinoma), and Bristol-Myers Squibb's Opdivo, in addition to other trials being conducted by the company.arlilumab is currently being explored in various collaborations: in combination with Yervoy (Bristol-Myers Squibb, Phase I/II, metastatic melanoma), Roche's anti-PD-L1 antibody (Phase I/II, renal cell carcinoma), and Bristol-Myers Squibb's Opdivo, in addition to other trials being conducted by the company:

The firm likes the stock on the depth and breadth of the pipeline, both near commercialization and in clinical trials.

For an analyst ratings summary and ratings history on Celldex Therapeutics click here. For more ratings news on Celldex Therapeutics click here.

Shares of Celldex Therapeutics closed at $24.54 yesterday.

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