NEW YORK (TheStreet) --Celldex Therapeutics (CLDX) - Get Report stock is down by 52.32% to $3.90 in early-morning trading on Monday, after the company announced it is discontinuing a trial for its glioblastoma treatment.
The Hampton, NJ-based bio-pharmaceutical company announced on Monday that an independent board recommended discontinuing Celldex's Phase 3 trial for its glioblastoma treatment.
Glioblastomas are brain tumors, according to the American Brain Tumor Association.
An independent Data Safety and Monitoring Board found that continuing the trial "will not reach statistical significance for overall survival in patients with minimal residual disease," the company said in a statement.
"We are extremely disappointed for patients that the ACT IV study was not successful," CEO Anthony Marucci said in a statement. "While this is certainly not the desired outcome, we remain steadfast believers in the power of immunotherapy to transform the future of cancer treatment."
Separately, 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.
TheStreet Ratings rates this stock as a "sell" with a ratings score of D. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: CLDX