Today’s Research Reports on Stocks to Watch: Celldex Therapeutics and Cancer Genetics
Shares of Celldex fell to record lows on Monday after its triple negative breast cancer drug candidate didn’t meet endpoints in a phase 2b trial. The company also decided to discontinue the drug candidate across all indications. Shares of Cancer Genetics were having a much better day, closing up nearly 40% after receiving special 510(k) clearance from the FDA for its Tissue of Origin (TOO) Test.
RDI Initiates Coverage on:
Celldex Therapeutics, Inc.
Cancer Genetics, Inc.
Celldex Therapeutics, Inc. shares tumbled yesterday on heavy volume to see a steep loss of 64.60% at Monday’s close. Shares had already dropped over 40% in pre-market trading after it was revealed that the company’s triple negative breast cancer drug candidate, glembatumumab vedotin (glemba), had failed to meet its primary end point in a phase 2b trial. The company said there was also no significant advantage for glembatumumab vedotin in key secondary endpoints. Investors were discouraged to learn that the company has decided to discontinue the glembatumumab vedotin program across all indications. Celldex is now "prioritizing" its pipeline and the company’s CEO Anthony Marucci remarked, "In line with this, we are evaluating our operational and workforce needs to extend our financial resources and direct them to continued pipeline advancement. Once we solidify these plans, we intend to update investors."
Access RDI’s Celldex Therapeutics, Inc. Research Report at:
Cancer Genetics, Inc. shares closed up 38.22% on Monday and continued to see gains in after-hours trading after the company had some positive FDA news. Cancer Genetics announced in a press release yesterday that it has received special 510(k) clearance from the U. S. Food and Drug Administration (FDA) for its Tissue of Origin test (TOO®) following modifications made to test reagents and software. The oncology company’s TOO® is a microarray-based gene expression test that analyzes a tumor’s genomic information to help identify its origin. This is valuable in classifying metastatic, poorly differentiated, or undifferentiated cancers. COO of the company and Interim CEO, John a. Roberts, remarked, "Our TOO® Test represents a unique offering with the ability to add significant value to the continuum of care for cancer patients and greatly enhance our biopharma partners’ development efforts. This 510(k) clearance represents an important milestone toward our goal of gaining broad adoption of the test. An important element of our recently implemented transformation strategy is the identification of new methods through which to monetize our world-class test portfolio. We are currently evaluating several partnering opportunities that would expand the reach of the TOO® Test and have the potential to generate high-margin revenue streams. We look forward to continuing this process as we leverage the capabilities of TOO® to drive future growth.”
Access RDI’s Cancer Genetics, Inc. Research Report at:
Our Actionable Research on Celldex Therapeutics, Inc. (NASDAQ: CLDX) and Cancer Genetics, Inc. (NASDAQ: CGIX) can be downloaded free of charge at Research Driven Investing.
Research Driven Investing
We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.
RDInvesting has not been compensated; directly or indirectly; for producing or publishing this document.
Disclaimer: This article is written by an independent contributor of RDInvesting.com and reviewed by Nadia Noorani, CFA® charter holder. RDInvesting.com is neither a registered broker dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.
For any questions, inquiries, or comments reach out to us directly at:
Research Driven Investing, Unit #901 511 Avenue of the Americas, New York, NY, 10011
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.