The Bloomsbury, NJ-based biopharmaceutical company is focused on the development and commercialization of immunotherapy technologies for the treatment of cancer and other difficult-to-treat diseases.
The new price target follows the release of better-than-expected results from the company's 2015 fourth quarter yesterday.
"With varlilumab moving into Phase II and Rintega getting closer to a final readout, we like the near-term opportunities for CLDX shares. This, in combination with the growing pipeline and cash runway through 2017 provide a strong rationale to like the shares in spite of the broader weakness in the biotech market," Cantor Fitzgerald said in an analyst note.
Varlilumab and Rintenga are cancer immunotherapies.
Shares of Celldex are down 2.47% to $6.74 at the start of trading on Friday.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
This is driven by some concerns, which should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, weak operating cash flow and generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CLDX