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Fly News Breaks for April 16, 2018
CLDX
Apr 16, 2018 | 10:57 EDT
H.C. Wainwright analyst Joseph Pantginis lowered his price target for Celldex Therapeutics to $2.50 after the company's Phase 2b study of glembatumumab vedotin compared to Xeloda in patients with metastatic triple-negative breast cancer failed to meet its primary endpoint. The analyst, while admitting he was wrong, is not downgrading the shares. He believes the contribution from varlilumab alone provides value relative to where the shares are trading today. Varlilumab is now officially the lead asset at Celldex, Pantginis tells investors in a research note. He keeps a Buy rating on Celldex. The stock in morning trading is down 60% to 86c.
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