Wedbush Maintains Outperform, $6 PT on Celidex Therapeutics

Wedbush reiterates its Outperform rating and $6 price target on Celidex Therapeutics CLDX as it believes the primary value drivers for the company are CDX-011 n breast cancer and rindopepimut in glioblastoma. Wedbush notes, "Celldex announced complete accrual of CDX-011 Phase 2b "EMERGE" study in women with GPNMB expressing advanced breast cancer; data anticipated H1:12. The Phase IIb results will guide design of a pivotal study in a patient population with an unmet medical need—in our opinion, triple-negative breast cancer patients. ...Earlier this month Celldex initiated its Phase III “ACT IV” study of rindopepimut in patients with EGFRvIII positive glioblastoma. The study protocol will include a randomized KLH-control, double-blind study of 374 patients at >150 clinical sites internationally." CLDX closed at 2.65 per share on Tuesday.