Celldex posts narrower-than-expected net loss
Overview
US biotech firm's Q3 net loss and loss per share both beat analyst expectations
No material revenue recognized in Q3, down from prior-year period
R&D and G&A expenses rose due to barzolvolimab trial and commercialization costs
Outlook
Celldex anticipates BLA submission for barzolvolimab in CSU in 2027
Company expects to update on Phase 3 cold urticaria and symptomatic dermographism programs in 2027
Celldex believes cash on hand will fund planned operations through 2028
Result Drivers
BARZOLVOLIMAB TRIAL COSTS - Co said increased R&D expenses were driven by higher clinical trial and manufacturing costs for barzolvolimab
COMMERCIAL PLANNING EXPENSES - Co said higher G&A expenses were due to increased commercial planning and hiring for barzolvolimab
NO MATERIAL REVENUE - Co attributed revenue decline to reduced services under manufacturing and R&D agreements with Rockefeller University
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Loss Per Share | Beat | $0.96 | $1.02 (13 Analysts) |
Q3 Net Loss | Beat | $75.56 mln | $81.01 mln (9 Analysts) |
Q3 Operating Expenses | $82.25 mln | ||
Q3 Operating Income | -$82.25 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 14 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the biotechnology & medical research peer group is "buy"
Wall Street's median 12-month price target for Celldex Therapeutics, Inc. is $64.00, about 113.8% above its November 4 closing price of $29.93
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)