Celldex Therapeutics drops on unveiling stock offering

Toronto-Dominion Bank

01/04/2026 21:23

** Shares of Celldex Therapeutics CLDX.O down 5.3% at $29.60 in extended trading as it seeks equity raise

** Hampton, New Jersey-based biotech firm commences stock offering; deal size not disclosed

** It intends to use net offering proceeds to fund ongoing commercial readiness activities and launch of barzolvolimab, if approved, for treatment of Chronic Spontaneous Urticaria (CSU) in the U.S., fund other product candidates, grow its bispecific antibody platform, among other purposes

** CSU is a condition characterized by chronic, itchy hives and swelling

** Leerink Partners and TD Cowen joint bookrunners for offering

** With ~66.6 mln shares outstanding, CLDX has ~$2 bln market cap

** Stock closed down 1.5% at $31.26 on Weds. Still, shares up 15% YTD and ~85% over the past 12 months

** Of 16 analysts, 14 rate the stock "strong buy" or "buy", 1 rates "hold" and 1 recommends "sell"; median PT $48, per LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))