# Celldex Therapeutics, Inc. (CLDX)

> Source: Nexqual · https://nexqual.com/CLDX · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Celldex Therapeutics, Inc. (CLDX), nexqual.com/CLDX" · informational, not investment advice.

**Price:** USD 29.89 (+0.78% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 29.66 · day 29.47–30.39 · 52w 22.1–45.14 · market cap $2.35B · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $158K, net income -$301M (-190220.9% margin), free cash flow -$242M (SEC filings).
- Analysts: Buy (mean 1.93 on a 1–5 scale) (15 analysts), mean target USD 63.07 (range 28–100).
- Total return with dividends: 1Y +14.1% vs S&P 500 +14.8%; 5Y -29.7% vs S&P 500 +79.1%.
- Next earnings: 2026-11-09 (date not yet confirmed by the company), EPS estimate USD -1.01, revenue estimate $883K. All companies reporting that day: https://nexqual.com/earnings/2026-11-09
- Dividend: CLDX paid no cash dividend in the last five years.
- Short interest: 14.51% of float (as of 2026-10-15), 4.3 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.7M | $2.4M | $6.9M | $7.0M | $1.5M | $158K |
| Gross profit | $4.6M | $2.3M | $6.6M | $6.8M | $1.3M | — |
| Operating income | -$71.2M | -$115M | -$155M | -$195M | -$287M | -$326M |
| Net income | -$70.5M | -$112M | -$141M | -$158M | -$259M | -$301M |
| EPS (diluted) | -$1.64 | -$2.40 | -$2.92 | -$2.45 | -$3.90 | — |
| Free cash flow | -$62.2M | -$106M | -$109M | -$160M | -$214M | -$242M |
| Gross margin | 97.8% | 95.8% | 95.6% | 97.2% | 87.1% | — |
| Operating margin | -1531.8% | -4889.0% | -2245.3% | -2778.9% | -18599.8% | -206220.3% |
| Net margin | -1516.0% | -4765.6% | -2054.8% | -2248.8% | -16748.0% | -190220.9% |
| Revenue growth | -37.3% | -49.3% | +192.0% | +2.0% | -78.0% | — |
| Cash + short-term investments | $408M | $305M | $424M | $725M | $519M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 14856.0x · P/B 3.3x · FCF yield -10.31% · Earnings yield -12.80%

## Analysts
Consensus Buy (mean 1.93 on a 1–5 scale), 15 analysts; mean target USD 63.07 (low 28, high 100).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-02 | HC Wainwright & Co. | Reiterated | Buy | $64 |
| 2026-09-23 | Leerink Partners | Target raised | Outperform | $70 → $88 |
| 2026-09-23 | Morgan Stanley | Target raised | Overweight | $50 → $57 |
| 2026-09-22 | HC Wainwright & Co. | Target raised | Buy | $42 → $64 |
| 2026-09-22 | Cantor Fitzgerald | Target raised | Overweight | $61 → $72 |
| 2026-09-10 | Morgan Stanley | Target raised | Overweight | $46 → $50 |
| 2026-08-07 | Morgan Stanley | Target raised | Overweight | $40 → $46 |
| 2026-08-07 | Barclays | Target raised | Overweight | $48 → $53 |
| 2026-07-29 | Wells Fargo | Target raised | Overweight | $48 → $72 |
| 2026-07-22 | Wells Fargo | Target lowered | Overweight | $54 → $48 |
| 2026-07-22 | Morgan Stanley | Target lowered | Overweight | $44 → $40 |
| 2026-07-22 | Cantor Fitzgerald | Target lowered | Overweight | $67 → $61 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +14.1% | -29.7% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +14.2% | -6.8% |
| Volatility (annualized) | 51.8% | 58.9% |
| Max drawdown | -38.6% (Aug 2026→Oct 2026) | -69.6% (Feb 2024→Mar 2025) |

## Dividends
CLDX paid no cash dividend in the last five years.

## Short interest
9,598,891 shares sold short, 14.51% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 8,953,127 shares (+7.2%). Days to cover: 4.3 (short shares ÷ average daily volume).

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 317.33 -0.45% · ORKA (Oruka Therapeutics, Inc.) USD 96.65 +0.71% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 93.07 +1.20% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.39 -1.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.45 -0.04% · ABVX (Abivax SA) USD 89.06 -0.87%

## More
Full page: https://nexqual.com/CLDX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Grant | $15,000 | 68.2% | -97.9% |
| Service | $7,000 | 31.8% | +0.0% |
| Total revenue | $22,000 | 100% | — |

## Customer concentration

Period ended 2025-12-31: 93% of revenue from unnamed direct customers (10-K, filed 2026-02-25).

## Company outlook (8-K filed 2026-08-06)

- "Financial Guidance: Celldex believes that the cash, cash equivalents and marketable securities at June 30, 2026 are sufficient to meet estimated working capital requirements and fund current planned operations through 2028."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.01 | $-1.08 | +$0.07 | $883,220 | 10 |
| Next quarter (ends 2026-12-31) | $-1.01 | $-1.10 | +$0.09 | $1.4M | 10 |
| Current fiscal year (ends 2026-12-31) | $-4.12 | $-4.39 | +$0.27 | $1.8M | 10 |
| Next fiscal year (ends 2027-12-31) | $-4.25 | $-4.50 | +$0.25 | $8.8M | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-09): ±11.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 61.7% | ±11.9% |
| 2026-12-18 | 50 | 40.0% | ±11.6% |
| 2027-01-15 | 78 | 50.0% | ±18.1% |
| 2027-02-19 | 113 | 54.0% | ±23.4% |
| 2027-03-19 | 141 | 42.4% | ±20.6% |
| 2027-05-21 | 204 | 54.2% | ±31.4% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.94 | −$1.06 | Beat +11.3% | — |
| — | Quarter ended Mar 31, 2026 | −$1.18 | −$1.13 | Miss −4.4% | — |
| — | Quarter ended Dec 31, 2025 | −$1.22 | −$1.00 | Miss −22.0% | — |
| — | Quarter ended Sep 30, 2025 | −$1.01 | −$0.89 | Miss −13.5% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).