NEW YORK (TheStreet) -- Jefferies downgraded Celldex Therapeutics (CLDX) stock to "hold" from "buy" and cut its price target to $4 from $31.

The lower rating and price target come after the Hampton, NJ-based biopharmaceutical company said it was discontinuing a trial for its glioblastoma treatment yesterday.

An independent board recommended discontinuing Celldex's Phase 3 trial evaluating its Rintega immunotherapy in newly diagnosed glioblastoma.

"We downgrade to Hold with a $4 PT on removal of Rintega revenues and increased risk discount on remaining pipeline assets...As a result, we have removed our Rintega sales estimates from our model which consisted of $506 million in peak U.S. sales and $53 million ex-U.S. royalties," Jefferies said in an analyst note.

Shares of Celldex are higher by 0.79% to $3.82 in pre-market trading on Tuesday.

Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.

This is driven by a number of negative factors, 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 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

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