Celldex Therapeutics, Inc. (NASDAQ:CLDX) shot higher Tuesday after investors appreciated its third quarter earnings report which beat estimates of both EPS and revenue.
The stock shot 14.89% higher to close at $3.78 on volume of 9.01 million shares, more than 4 times its average.
Technically, the stock has gained over the last three sessions, but there does not appear to be any sign of a change in the long term downtrend. On the monthly chart, the stock is making lower lows and lower highs.
It still appears to be on course to test its October 2011 low of $2.05.
Celldex Therapeutics, Inc. (NASDAQ:CLDX) beats in Q3
Celldex reported Q3 EPS of $-0.29, which beat estimates by $0.04, and revenue of $2.22 million which beat by $1.37 million and was up by 115.5% year on year.
Revenue picked up smartly chiefly due to Celldex’s clinical trial collaboration with Bristol-Myers Squibb and the research and development agreement with Rockefeller University.
The company had cash of $203.2 million at quarter-end compared to $220.1 million as of June 30, 2016.
Taken with future sales of stock, if any, the above cash is sufficient to fund its operations through 2018, as well as the recent acquisition of Kolltan Pharmaceuticals, the company said.
Celldex Therapeutics, Inc. (NASDAQ:CLDX) acquired Kolltan Pharmaceuticals
Celldex also announced on November 1 its acquisition of Kolltan Pharmaceuticals, Inc., a privately held clinical-stage company that develops novel, antibody-based drugs targeting receptor tyrosine kinases (RTKs), for $62.5 million in stock. Additional milestone payments of up to $172.5 million could be payable if Kolltan’s drug pipeline proves successful in trials.
“Celldex believes Kolltan’s clinical candidates and preclinical platform are highly compatible with the Company’s scientific approach and can be developed independently and in combination with Celldex’s existing product candidates,” the company said in a statement.
Celldex Therapeutics, Inc. (NASDAQ:CLDX) now covered by Aegis
Analysts at Aegis Capital initiated coverage on Celldex with a Buy rating on November 7.