While it is not unusual for small oncology-focused biotechs to trade down after the annual ASCO meeting - the most important oncology-related medical conference on the calendar - Celldex has done a bit worse than most. There had been fears that Pfizer's commitment was something less than complete, but Friday's announcement walloped Celldex's stock.
Where Does Celldex Go From Here?
Celldex is putting on a brave face for its shareholders. The company is vowing to continue developing the product on its own, presumably with an eye toward striking another deal with a larger pharmaceutical company somewhere down the road. Sometimes this works out - there are examples where a partner has dropped out and the drug still ultimately makes it to market. Unfortunately, companies like GenVec (Nasdaq:GNVC), Trubion (Nasdaq:TRBN) and Neurocrine Biosciences (Nasdaq:NBIX) have all found that the loss of Pfizer as a partner is not a good sign for the drug involved.
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