UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Celldex Therapeutics

In a report published Monday, Jefferies & Company reiterated its Buy rating on Celldex Therapeutics

, and raised its price target from $7.00 to $9.00. Jefferies noted, “CLDX presented positive CDX-011 OS data for TNBC+hGPNMB pts in EMERGE with supportive PFS data, potentially enabling a follow-on accelerated PII trial. Encouraging OS data for hGPNMB only also support a favorable long-term outlook in a broader pt population. With the rindo PIII ongoing and a pot'l pivotal CDX-011 prgm in 6-12 mos (pipeline as upside), CLDX is an attractive small-cap biotech play. Reiterate Buy with a new $9 PT.” Celldex Therapeutics closed on Friday at $5.52.