Positive pre-clinical data from its CDX-1140 drug helped Celldex Therapeutics, Inc. (NASDAQ:CLDX) clear a couple of significant technical milestones in Monday’s trading.
The stock closed at $4.92, up 13.89%, on volume of 5.79 million shares.
On the daily chart, Celldex on Monday surged past its 200-day moving average as well as cleared the falling trend line in effect since June 3, 2016.
On November 8 it penetrated the 20-day and 50-day moving averages.
It appears the stock has moved into an uptrend, and more bullishness can be expected if it is able to surmount $4.95 – a level that has acted as a strong resistance over much of 2016.
Celldex Therapeutics, Inc. (NASDAQ:CLDX) reports pre-clinical data from CDX-1140
The Celldex stock received a shot in the arm from the company’s announcement yesterday that data on its new product candidate CDX-1140, a fully human antibody targeted to CD40 has demonstrated potent agonist activity.
“The CD40 pathway plays a critical role in the activation of innate and adaptive immune responses,” said Tibor Keler, Ph. D., Executive Vice President and Chief Scientific Officer. “We believe an ideal CD40 immunotherapy candidate should have the right balance of agonist activity and safety profile to allow systemic dosing at levels that provide good tissue and tumor penetration. The data presented at SITC show that CDX-1140 has a unique profile to meet this goal relative to other CD40 agonist antibodies and will be an important addition to our growing immunotherapy pipeline.”
Celldex intends to study CDX-1140 as a combination candidate with other cancer therapies. It is planned to enter the drug into clinical studies in 2017.
Celldex Therapeutics, Inc. (NASDAQ:CLDX) initiated by Aegis
On November 7 analysts at Aegis Capital initiated coverage on Celldex with a Buy rating.
In March this year, a number of firms had downgraded the stock following the announcement that Celldex’s lead product candidate RINTEGA (rindopepimut) failed to beat placebo in late-stage brain tumor study.
However, for the third quarter, Celldex reported Q3 EPS of $-0.29, which beat by $0.04, and revenue of $2.22 million which beat by $1.37 million and was up by 115.5% year on year.
Earlier this month, Celldex agreed to acquire privately owned Kolltan Pharmaceuticals for up to $235 million payable $62.5 million in stock and the rest on the achievement of certain milestones.