UPDATE: Oppenheimer Raises PT to $10 on Celldex Therapeutics on Improved Approval Outlook

Oppenheimer reiterated its Outperform rating on Celldex Therapeutics

and raised its price target from $8 to $10. Oppenheimer noted, "Final data from the Phase IIb (EMERGE) of CDX-011 in metastatic breast cancer (BC) were presented this weekend. CDX-011 was well tolerated and the response rate in triple negative BC was 19% compared to 0% for the investigator's choice (IC) arm. High GPNMB expressing tumors had a CDX-011 response rate of 32% vs. 13% for IC. Although EMERGE was not designed to show overall survival (OS), there was a trend toward OS across all patients. The high GPNMB expressing triple negative subgroup achieved statistically significant improvement in PFS and OS." Celldex Therapeutics closed at $5.52 on Friday.