Celldex Therapeutics (NASDAQ:CLDX) Shares See Significant Pre-Market Movement—Should You Consider Buying?

On Wednesday, Celldex Therapeutics, Inc. (NASDAQ:CLDX) experienced a notable increase in its stock price before the opening bell. The shares, which had closed the previous day at $27.60, opened at $28.75. Most recently, Celldex shares traded at $27.28, with a volume of 216,928 shares exchanged.

Recent Analyst Ratings for Celldex Therapeutics

Recent activity from various research firms has positioned Celldex under a microscope. On September 30, The Goldman Sachs Group initiated coverage on the company, assigning it a "neutral" rating along with a price target of $45.00. Subsequently, Wells Fargo & Company upgraded its rating from "hold" to "strong-buy" as of September 26. HC Wainwright maintained a "buy" rating and set a price objective of $80.00 on December 19. Furthermore, Cantor Fitzgerald reaffirmed an "overweight" rating, offering a target price of $67.00 on January 2. Citigroup also entered the conversation on October 7 by beginning coverage and designating a "buy" rating with a price target of $70.00.

Currently, two analysts have recommended holding, five have issued buy ratings, and one has given a strong buy rating for the stock. As per data from MarketBeat.com, Celldex has an average rating of "Moderate Buy" and an average price target of $62.25.

Stock Performance Overview

Celldex Therapeutics has recorded a 50-day moving average of $26.11 and a 200-day moving average of $32.56, indicating its recent trading patterns. The company's market capitalization is approximately $1.88 billion, with a negative price-to-earnings ratio of -11.02 and a beta of 1.62.

Insider Transactions

Insider trading reports show that CEO Anthony S. Marucci purchased 11,500 shares of Celldex stock on November 11 at an average price of $26.82, amounting to approximately $308,430. After this transaction, Marucci's holdings grew to 40,284 shares, valued around $1,080,416.88. This purchase represents a notable 39.95% increase in his position. Additionally, corporate insiders collectively own 3.80% of the company's stock.

Institutional Investor Activity

Recent quarters have seen institutional investors adjust their stakes in Celldex. For instance, Novo Holdings A/S increased its holdings by 13.4%, now owning 963,663 shares valued at approximately $32.75 million after acquiring an additional 113,663 shares. Jennison Associates LLC expanded its position by 32.0%, holding 1,324,410 shares worth $45.02 million following the purchase of 321,325 shares. Point72 Asset Management L.P. grew its stake by 51.0% in the second quarter, now possessing 1,937,991 shares valued around $71.73 million. The Bank of New York Mellon Corp also increased its stake by 14.6%, owning 230,162 shares valued at $8.52 million after acquiring an additional 29,324 shares. Lastly, BNP Paribas Financial Markets raised their position by an impressive 293.2%, now owning 28,181 shares worth $958,000.

About Celldex Therapeutics

Celldex Therapeutics, Inc. is a biopharmaceutical firm involved in the development of therapeutic monoclonal and bispecific antibodies aimed at addressing various diseases. Its product pipeline includes antibody-based therapies for patients dealing with conditions such as inflammatory, allergic, autoimmune, and other life-threatening diseases.

Final Thoughts on Investing in Celldex

Before making any investment decisions regarding Celldex Therapeutics, it is important to do thorough research. While analysts hold a "Moderate Buy" rating on the stock, some believe there may be better investment opportunities available. MarketBeat has identified other stocks that high-rated analysts are currently recommending to their clients.

Celldex, Stocks, Investment