UPDATE: Wedbush Raises PT to $20 on Celldex Therapeutics on Rindopepimut Outlook

Wedbush maintained Celldex Therapeutics (NASDAQ: CLDX) with an Outperform rating and raised the price target from $8.00 to $20.00.

Wedbush analyst Gregory R. Wade noted, "We are increasing our price target to $20 from $8 based upon revised launch and peak penetration assumptions as emerging data to suggest a more targeted clinical path for both for rindopepimut and CDX-011. We have increased our peak penetration rate and duration of therapy in the front-line setting for rindopepimut from 45% and 9 cycles to, 65% and 18 cycles, respectively. We now see worldwide peak sales of rindopepimut north of $1 billion."

Celldex Therapeutics closed at $11.89 on Monday.