Cowen Cuts Price Target on Celldex (CLDX) Following 2Q and Clinical Update

Cowen maintained an Outperform rating on Celldex Therapeutics (NASDAQ: CLDX), and cut the price target to $28.00 (from $34.00), following 2Q earnings and clinical update. CLDX has decided not to file for acceleration of Rintega. Analyst Boris Peaker is disappointed by the rindo filing delay, but remains positive on rindo and its ultimate chances of approval in GBM.

Peaker commented, "CLDX reported 2Q earnings and provided a clinical update. Following discussions with the FDA, CLDX has decided not to file for accelerated of Rintega (rindo) at this time. Based on this decision and completion of METRIC enrollment pushed to 2H16 we have lowered out PT to $28/share and maintain Outperform."

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 $21.35 yesterday.

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