Why Celldex Therapeutics (CLDX) Stock Is Surging Today

NEW YORK (TheStreet) -- Celldex Therapeutics  (CLDX) surged Wednesday after the company announced a clinical trial collaboration with Bristol-Myers Squibb  (BMY).

The trial will determine the safety, tolerability and preliminary efficacy of nivolumab, Bristol-Myers' investigational PD-1 immune checkpoint inhibitor, and varlilumab, Celldex's CD27 targeting investigational antibody in a Phase 1/2 study. The study will explore multiple tumor types, which potentially include non-small cell lung cancer, metastatic melanoma, ovarian, colorectal and squamous cell head and neck cancers.

Bristol-Myers Squibb will make a one-time payment of $5 million to Celldex under the terms of the agreement, and the two companies will share development costs. Celldex will conduct the Phase 1/2 study, which should start in the fourth quarter of 2014.

Must Read: Bristol, Celldex Collaborating on Cancer Immunotherapy Study

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Celldex was up 26.05% to $15.63 at 11:38 a.m.

For more on this story, read TheStreet's Adam Feuerstein's article here.

CLDX Chart

CLDX data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

More from Markets

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Jim Cramer: The 10-Year Yield Could Go to 2.75%

Jim Cramer: The 10-Year Yield Could Go to 2.75%

Oil Slumps, Gas Spikes Ahead of Holiday Weekend; Assessing the Chipmakers--ICYMI

Oil Slumps, Gas Spikes Ahead of Holiday Weekend; Assessing the Chipmakers--ICYMI

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%