Celldex Therapeutics Shares Shooting Higher

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Celldex Therapeutics, Inc. CLDX shares were trading higher by $3.75 (17 percent) at $24.96 in Monday's session. The catalyst for the rally is that the company has Received Breakthrough Therapy Designation from FDA for Rindopepimut (Rintega(R)) for the treatment of adult patients with EGFRvIII-positive Glioblastoma (immunotherapy that targets cancerous tumor cells).

Off the open, it rallied to $25.78 before finding willing sellers. That marks the highest level for the issue since March of 2014. At that time, it found resistance three days in a row in a narrow $0.07 range from $25.31 to $25.38.

After exceeding that level on Monday by $0.40, it declined to $23.62 before resuming its move higher. It should be noted Monday's rally is taking place on way above its nine-day average volume of 1.5 million shares having already trading over 4 million shares so far in the session.