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Fly News Breaks for March 7, 2016
CLDX
Mar 7, 2016 | 10:44 EDT
Wedbush analyst David Nierengarten downgraded Celldex Therapeutics to Neutral from Outperform after the company discontinued its Phase 3 ACT IV study of Rintega in patients with newly diagnosed EGFRvIII-positive glioblastoma after the drug did not reach statistical significance. The analyst cut his price target for the shares to $4 from $24 and sees no path forward for the Rintega program. Guggenheim and Oppenheimer also downgraded Celldex this morning. The stock is down 51% to $4.02 in morning trading.
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