UPDATE: Cantor Fitzgerald Reiterates Buy Rating, Raises PT on Celldex Therapeutics on Upcoming CDX-011 Trial

In a report published Friday, Cantor Fitzgerald reiterated its Buy rating on Celldex Therapeutics

, and raised its price target from $13.00 to $16.00. Cantor Fitzgerald noted, “We are raising our price target on shares of Celldex to $16 from $13 based on our assessment that the company is likely to see revenues from both CDX-011 and rindopepimut in 2016 versus our original forecast of 2017. We have been conservative in our modeling but based on the current timeline of completion of clinical trials and assumption of FDA priority review, we are now modeling revenue in 2016 and 2017 of $68 and $300 million, respectively and our EPS forecasts for those years are now ($0.15) and $1.60.” Celldex Therapeutics closed on Thursday at $10.49.