UPDATE: Cantor Fitzgerald Reiterates Buy Rating, Raises PT on Celldex Therapeutics

In a report published Friday, Cantor Fitzgerald reiterated its Buy rating on Celldex Therapeutics (NASDAQ: CLDX), and raised its price target from $7.00 to $9.00.Cantor Fitzgerald noted, “We are raising our price target on shares of Celldex to $9 from $7 based on our inclusion of commercial revenues of CDX-011 to our model beginning in 2017. This is based on an end of Phase II meeting with the FDA this year. Our new EPS forecast for 2017 is $1.08 vs. $1.00, using a 50x multiple on this figure discounted by 50%. There are two main catalysts that could unfold through the end of the year, one of which is an end of Phase II meeting for CDX-011. The outcome of this will inform the Phase III path forward. The best outcome, in our view, would be a modest-sized trial in triple negative breast cancer as this would likely be the fastest route to approval. We expect to see more mature data from the Phase II EMERGE trial before the end of this year, which could be a driver of confidence for investors.”Celldex Therapeutics closed on Thursday at $5.76.