It's been a rough six months for biotech in general, but Celldex (NASDAQ:CLDX) has been hit worse than most. The shares are down almost 50% over the six months that have passed since I last wrote
about the company. Given the large move down after the company
announced it wouldn't be pursuing early approval for Rintega, it's clear
that investors were disappointed they'd have to wait at least a year
longer to see the drug hit the market. I also wonder if some investors
starting feeling some "immuno-oncology fatigue" and began worrying that
some of Celldex's approaches (including a cancer vaccine and an ADC)
might be out of step with the hotter prospects in the developing IO
field.
This plunge in the share price looks like an
opportunity. It certainly may be true that the biotech boom is over, and
that valuations across the sector are going to come under even more
pressure. Outside of that, though, I believe Celldex has a solid, deep,
and undervalued pipeline that could generate well over $1 billion in
annual revenue down the road.
Read more here:
Celldex Therapeutics Down, But Definitely Not Out
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