UPDATE: Jefferies Raises PT on Celldex Therapeutics on Encouraging Pipeline Outlook

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

, and raised its price target from $9.00 to $15.00. Jefferies noted, “CLDX provided an encouraging overall pipeline outlook including a risk-mitigated CDX-011 registrational strategy, and favorable rindopepimut and CDX-1135 updates. We believe CLDX represents a compelling biotech play with 2 PIII and 3 PI/II candidates providing multiple shots on goal. Our new $15 PT assumes CLDX will develop/market CDX-011 on its own, booking all U.S. sales (v royalties from a partnership previously).” Celldex Therapeutics closed on Thursday at $10.49.