BOSTON ( TheStreet) -- What's $1 billion among friends? Not much if you're a biotech sell-side analyst under pressure to stay in the good graces of his firm's investment banking clients.
On Monday, Howard Liang of Leerink Swann raised his price target on Celldex Therapeutics (CLDX) from $29 to $45 per share, which implies a bump in the company's market value of just over $1 billion.
Why does Liang believe Celldex is worth $1 billion more today than on Friday? Because of CDX-1127, an experimental cancer immunotherapy which hasn't yet reported any clinical data in patients. The first human data from a phase I study are expected in early November. Naturally, Liang set his expectations very low:
As a combination partner for immune checkpoint inhibitors such as anti-PD-1 agents, we believe the efficacy bar
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