Celldex Therapeutics, Inc.
) shares continued to decline after the company reported a
wider-than-expected loss for the first quarter of 2014. Shares,
which declined 2.4% immediately after the release of first
quarter results, slipped a further 0.9% in the following trading
session. Overall, shares were down 3.3%.
The company posted a loss of 33 cents per share in the first
quarter of 2014, wider than the year-ago quarter loss of 23 cents
and the Zacks Consensus Estimate of a loss of 26 cents per
First quarter revenues plunged 82.8% from the year-ago quarter
to $0.4 million. Celldex recorded lower royalties from
) for Rotarix due to the termination of its agreement with Glaxo.
The Zacks Consensus Estimate for revenues for the reported
quarter was nil.
R&D expenses increased 92.1% year over year to $27.1
million. This increase was attributable to the development of
rindopepimut and glembatumumab vedotin and the expansion of the
study on varlilumab.
G&A expenses increased 46% year over year to $4.6 million.
This was primarily driven by higher personnel-related expenses,
professional services and commercial planning costs for
rindopepimut and glembatumumab vedotin.
Celldex provided an update on its pipeline. The company
continues to expect the patient enrolment for the phase III
registration study (ACT IV) on rindopepimut for EGFRvIII (v3)
positive glioblastoma multiforme (GBM) to be completed by
Meanwhile, Celldex is enrolling patients (both treatment naive
and those refractory to Avastin) for its phase II study (ReACT)
on rindopepimut for recurrent GBM. Data from this study is
expected by the end of 2014.
In the second half of 2014, Celldex intends to initiate phase
II studies on glembatumumab vedotin for metastatic melanoma and
squamous cell lung cancer. The company is currently conducting a
registration study (METRIC) on glembatumumab for metastatic
triple negative breast cancer that over-expresses the tumor
associated marker glycoprotein NMB (gpNMB).
Additionally, Celldex has plans to start multiple phase I/II
studies on varlilumab in combination with various agents in the
second half of 2014.
Moreover, a pilot study on CDX-301 alone and in combination
with Mozobil is slated to commence in the third quarter of 2014
for hematopoietic stem cell transplantation.
Celldex currently carries a Zacks Rank #3 (Hold). Some
better-ranked stocks in the biotech sector include
Alexion Pharmaceuticals, Inc.
Gilead Sciences Inc.
). Both carry a Zacks Rank #1 (Strong Buy).
ALEXION PHARMA (ALXN): Free Stock Analysis
CELLDEX THERAPT (CLDX): Free Stock Analysis
GILEAD SCIENCES (GILD): Free Stock Analysis
GLAXOSMITHKLINE (GSK): Free Stock Analysis
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