Celldex Therapeutics, Inc. (NASDAQ: CLDX) has seen some phantom movement this week on no real news. The company is awaiting results from the first part of a phase 2 study of CDX-3379 in treating advanced head and neck squamous cell cancer. But, other than that, CLDX has not seen any substantial news.
Rumors were circling around that CLDX could be preparing for a reverse stock split to boost the share price. This move would save the company from getting kicked off Nasdaq. The driver in price could also be related to the continued feeling that larger pharma operations would be willing to partner with CLDX to add a moonshot immunotherapy into their pipeline.
Celldex Therapeutics, Inc. (NASDAQ: CLDX) is developing targeted therapeutics to address devastating diseases for which available treatments are inadequate. Our pipeline includes immunotherapies and other targeted biologics derived from a broad set of complementary technologies which have the ability to engage the human immune system and/or directly inhibit tumors to treat specific types of cancer or other diseases.
Celldex is focused on the development of CDX-1140 and CDX-3379.
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The Q3 results for CLDX were far from encouraging. Total revenues in the quarter declined 76.9% year over year to $0.9 million. It also missed the Zacks Consensus Estimate of $2 million.
“We made considerable progress in the third quarter, particularly in the development program for CDX-1140, our promising antibody targeted to CD40,” said Anthony Marucci, Co-founder, President and Chief Executive Officer of Celldex Therapeutics. “We have completed four of the potential eight monotherapy dose levels in the ongoing Phase 1 study and remain encouraged by the safety and biological profile we have observed to date. We look forward to sharing interim data at the SITC Annual Meeting later this week. During the third quarter, we also began enrolling patients in a combination cohort of CDX-1140 with our dendritic cell mobilizer, CDX-301. We are very interested to explore the potential of CDX-1140 in the presence of greater dendritic cell activity.”
“Additionally, we are nearing completion of enrollment to the first stage of the Phase 2 study of CDX-3379 in advanced head and neck squamous cell cancer and anticipate data from this portion of the study in the first quarter of 2019,” continued Marucci. “We are also advancing several preclinical programs that we believe can play an important role in enhancing the immune system’s response to cancer, including CDX-0159, our TAM program targeting Tyro3, AXL and MerTK, and our growing bispecific antibody program.”
As of Sep 30, 2018, Celldex had cash, cash equivalents and marketable securities of $105.6 million compared with $114 million as of Jun 30, 2018.
Celldex Therapeutics, Inc. (NASDAQ: CLDX) has a market cap of $56.03M with a float of 171.77M. Investors should know what they are getting here, a risky small-time biotech that has mostly unproven results for its immunotherapies. Now, this could change as 2019 rolls on, but for the moment CLDX is totally unproven. Sign-up for continuing coverage on shares of $CLDX stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $CLDX, either long or short, and we have not been compensated for this article.