CLDX
Celldex Therapeutics, Inc.Celldex Therapeutics, Inc., a biopharmaceutical company, engages in developing therapeutic monoclonal and bispecific antibodies for the treatment of various diseases. Its drug candidates include antibody-based therapeutics to treat patients with inflammatory diseases and various forms of cancer. The company's clinical development programs CDX-0159, a Phase I monoclonal antibody that binds the receptor tyrosine kinase KIT and inhibits its activity; CDX-1140, a human agonist monoclonal antibody ta
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q4 | 0.4 | -92.0 | -- | -88.0 | -- | -84.0 | -2.0 | -136.5 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 0.3 | -87.0 | -- | -84.0 | -- | -81.0 | -1.8 | -52.5 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 0.3 | -84.0 | -- | -81.0 | -- | -78.0 | -1.8 | 28.5 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 0.3 | -81.0 | -- | -78.0 | -- | -75.0 | -1.8 | 106.5 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 0.3 | -75.0 | -- | -72.0 | -- | -69.0 | -1.5 | 181.5 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 0.3 | -69.0 | -- | -66.0 | -- | -63.0 | -1.5 | 250.5 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 0.4 | -76.0 | -- | -72.0 | -- | -70.0 | -1.6 | 313.5 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 0.4 | -74.0 | -- | -70.0 | -- | -68.0 | -1.6 | 383.5 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 0.0 | -83.6 | -84.4 | -78.7 | -65.6 | -67.2 | -1.6 | 451.5 | 1.9 | 66.6 | -217.1% | -- | -- |
| Act | 2025-Q4 | 0.1 | -80.5 | -87.2 | -81.4 | -63.9 | -65.2 | -1.0 | 518.6 | 2.3 | 66.5 | -151.3% | -- | -- |
| Act | 2025-Q3 | 0.0 | -72.8 | -73.6 | -67.0 | -48.6 | -49.1 | -0.4 | 583.2 | 2.6 | 66.4 | -96.0% | -- | -- |
| Act | 2025-Q2 | 0.7 | -63.0 | -63.9 | -56.6 | -44.0 | -44.7 | -0.7 | 630.3 | 3.0 | 66.4 | -69.1% | -- | -- |
| Act | 2025-Q1 | 0.7 | -61.9 | -62.7 | -53.8 | -54.4 | -54.6 | -0.3 | 673.3 | 3.4 | 66.4 | -59.2% | -- | -- |
| Act | 2024-Q4 | 1.2 | -55.2 | -56.0 | -47.1 | -32.5 | -33.2 | -0.8 | 725.3 | 3.8 | 66.4 | -47.1% | -- | -- |
| Act | 2024-Q3 | 3.2 | -51.3 | -52.1 | -42.1 | -55.3 | -55.9 | -0.6 | 756.0 | 3.1 | 66.3 | -40.0% | -- | -- |
| Act | 2024-Q2 | 2.5 | -45.5 | -46.3 | -35.8 | -29.3 | -29.6 | -0.3 | 802.3 | 2.4 | 66.0 | -33.2% | -- | -- |
| Act | 2024-Q1 | 0.2 | -39.8 | -40.6 | -32.8 | -40.6 | -41.0 | -0.3 | 823.9 | 2.1 | 58.9 | -27.5% | -- | -- |
| Act | 2023-Q4 | 4.1 | -34.4 | -47.6 | -43.3 | -32.5 | -33.2 | -0.7 | 421.7 | 2.5 | 52.0 | -103.0% | -11.1x | -- |
| Act | 2023-Q3 | 1.5 | -40.5 | -41.2 | -38.3 | -19.0 | -19.2 | -0.2 | 235.4 | 2.9 | 47.3 | <-999% | -- | -- |
| Act | 2023-Q2 | 0.3 | -32.5 | -33.2 | -30.5 | -27.2 | -27.6 | -0.4 | 252.7 | 3.3 | 47.3 | <-999% | -- | -- |
| Act | 2023-Q1 | 1.0 | -31.8 | -32.5 | -29.4 | -28.6 | -29.2 | -0.6 | 278.4 | 3.7 | 47.2 | -402.4% | -- | -- |
| Act | 2022-Q4 | 1.6 | -27.2 | -27.9 | -26.5 | -21.8 | -22.0 | -0.2 | 305.0 | 4.0 | 47.1 | -195.9% | -- | -- |
| Act | 2022-Q3 | 0.4 | -27.0 | -27.7 | -26.8 | -35.2 | -35.5 | -0.3 | 323.5 | 3.6 | 46.9 | -144.1% | -- | -- |
| Act | 2022-Q2 | 0.2 | -27.0 | -36.4 | -36.0 | -22.2 | -22.9 | -0.7 | 356.8 | 4.0 | 46.8 | -148.0% | -- | -- |
| Act | 2022-Q1 | 0.2 | -23.0 | -23.3 | -23.1 | -24.5 | -25.1 | -0.6 | 380.5 | 2.6 | 46.7 | -70.5% | -- | -- |
AI Analysis
LLM Evaluations
Celldex is a binary clinical-stage biotech bet centered on barzolvolimab's Phase 3 outcomes in CSU and prurigo nodularis. The science is promising (anti-KIT mechanism, strong Phase 2 data), but the stock trades at ~$2.1B market cap with zero meaningful revenue, accelerating losses (~$260M/year), and now ~76M+ diluted shares post the April 2026 offering. At 3.8x P/B, CLDX is pricing in significant probability of approval and blockbuster commercialization. With 15% short interest, 19 days to cover, and Phase 3 data readouts as the key catalyst, this is a high-conviction binary setup. The risk/reward at current levels is roughly fair for a Phase 3 asset with validated mechanism, but the recent dilution, accelerating burn, and competitive landscape (dupilumab, omalizumab incumbents, plus emerging anti-KIT competitors) limit upside skew. Net insider buying is encouraging but insufficient to offset the fundamental uncertainty.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $27.00 | $2.70/$7.50 | 0 | $0.35/$1.35 | 0 |
| $28.00 | $2.00/$6.70 | 0 | $0.90/$1.65 | 1 |
| $29.00 | $2.10/$5.30 | 0 | $1.05/$2.05 | 1 |
| $30.00 | $2.60/$3.30 | 0 | $0.20/$2.50 | 1 |
| $31.00 | $1.95/$2.85 | 0 | $2.00/$3.00 | 1 |
| $32.00 | $1.75/$2.50 | 0 | $2.45/$3.70 | 1 |
| $33.00 | $0.20/$2.20 | 1 | $2.20/$4.20 | 1 |
| $34.00 | $1.00/$1.90 | 0 | $2.50/$5.70 | 0 |
Forward Projections & Estimates
Employees
Cash Runway
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 13.3% of float, sold 11.6%. 3 filers moved >1% of shares (1 buying, 2 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| WELLINGTON MANAGEMENT GROUP LLP | $272M | $35.32 | +$15.3M | +$6.5M | +0.1% | $533.98B |
| Kynam Capital Management, LP | $185M | $27.41 | −$3.3M | −$20.9M | +0.9% | $1.58B |
| BlackRock, Inc.Passive | $170M | $32.86 | −$2.6M | −$4.9M | -0.2% | $5.69T |
| FMR LLC | $119M | $37.81 | −$36.7M | −$51.7M | +0.3% | $1.89T |
| Point72 Asset Management, L.P. | $102M | $32.34 | +$46.7M | +$19.3M | +0.9% | $54.88B |
| STATE STREET CORPPassive | $88.9M | $30.66 | −$18.8M | −$69K | -0.2% | $2.89T |
| Commodore Capital LP | $85.5M | $25.63 | +$4.2M | −$16.0M | +0.0% | $1.73B |
| PRICE T ROWE ASSOCIATES INC /MD/ | $66.2M | $36.22 | +$1.5M | −$42.0M | -0.2% | $864.93B |
| Eversept Partners, LP | $56.7M | $29.17 | +$11.2M | +$34.6M | -2.9% | $1.52B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $53.6M | $35.44 | +$1.9M | +$3.1M | +2.3% | $1.61T |
| BRAIDWELL LP | $43.0M | $26.75 | −$15.9M | +$43.0M | -1.8% | $2.63B |
| Deep Track Capital, LP | $40.7M | $23.63 | −$19.6M | −$22.7M | -1.1% | $4.85B |
| MILLENNIUM MANAGEMENT LLC | $39.8M | $27.24 | +$1.3M | +$27.1M | -0.5% | $127.40B |
| Vestal Point Capital, LP | $38.8M | $21.48 | +$1.9M | +$32.5M | -0.1% | $3.58B |
| Bellevue Group AG | $38.1M | $30.82 | −$76.7M | −$59.4M | -4.3% | $4.20B |
| Novo Holdings A/S | $38.1M | $33.23 | +$0 | +$0 | -2.6% | $1.23B |
| DIMENSIONAL FUND ADVISORS LPPassive | $33.6M | $28.87 | +$12.9M | +$33.6M | -0.4% | $480.92B |
| EVENTIDE ASSET MANAGEMENT, LLC | $32.9M | $34.22 | −$19.2M | −$86.2M | -1.6% | $5.96B |
| Fisher Asset Management, LLC | $32.2M | $26.77 | +$2.4M | +$4.5M | +0.1% | $294.89B |
| GOLDMAN SACHS GROUP INC | $31.4M | $32.53 | −$2.5M | +$9.3M | -0.2% | $760.93B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
Top-5 holders · 38.9%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
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Analyst Coverage
Corporate
Executive Compensation (2023-2025)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2025-12-04 | SELL | Jimenez Freddy A. | officer: SVP & GENERAL COUNSEL | 4,166 | $29.09 | $121K | $896K |
| 2025-11-13 | SELL | Wright Richard M. | other: Former Officer | 49,298 | $24.00 | $1.18M | $500K |
| 2025-08-13 | SELL | Jimenez Freddy A. | officer: SVP & GENERAL COUNSEL | 771 | $24.77 | $19K | $866K |
Order Flow (FINRA, ~3w lag)
Revenue Breakdown
Revenue Segments
| Grant | $0.0M | -98% |
Filing Risk Analysis
Filing Risk Scores
Celldex Therapeutics: High-Velocity Cash Burn and Strategic Dilution Fueling Phase 3 Ambitions
Counter-Thesis
Counter-Thesis & Recent News
On April 2, 2026, Celldex announced a massive $300 million underwritten public offering of 10,345,000 shares at $29.00 per share. This caused an immediate 2.7% drop in stock price as investors reacted to the significant dilution. This move follows a report of a $110.4 million net loss for the first half of 2025, a steep increase from the $68.7 million loss in the same period of 2024 (Investing.com, Celldex IR).
The core bear case centers on a staggering disconnect between valuation and fundamentals. As of March 2026, Celldex reported annual losses of $258.76 million against a negligible revenue of just $1.55 million. The company is essentially a pre-revenue 'burn machine' trading at a Price-to-Book (P/B) ratio of 3.8x, significantly higher than the broader US biotech average of 2.2x. Any delay or failure in the Phase III trials for barzolvolimab in chronic spontaneous urticaria (CSU) would likely lead to a catastrophic re-valuation (Simply Wall St, Public.com).
Despite earlier claims that cash reserves were sufficient through 2027, the company's decision to dilute shareholders with a $300 million raise in April 2026 suggests the actual burn rate is accelerating faster than projected. Furthermore, net losses nearly doubled year-over-year in the most recent mid-year reporting, signaling that 'commercial readiness' costs for barzolvolimab are cannibalizing the balance sheet (Celldex IR, Investing.com).
Celldex faces intense competition in the inflammatory and mast-cell mediated disease space. Analysts have noted that 'clinical hiccups' or regulatory delays could allow established biologics and emerging immunotherapy competitors to seize market share. Specifically, the company is racing against well-funded incumbents in the CSU and prurigo nodularis markets where any loss of 'best-in-disease' status would be fatal to the stock's premium (MarketBeat, Public.com).
While scientific sentiment remains cautiously optimistic, investor and analyst sentiment is beginning to fracture. Currently, 10% of analysts covering the stock have issued an outright 'Sell' rating, with another 10% advising to 'Hold.' This shift suggests that the market's patience for clinical data is wearing thin as the financial costs of reaching commercialization mount (Public.com).