Down 14.8%: Is Celldex Therapeutics Stock an Incredible Bargain?
Despite a widespread rally across the biotech landscape last month, the struggling clinical-stage cancer company Celldex Therapeutics (NASDAQ: CLDX) still managed to shed 14.8% of its value in June, according to S&P Global Market Intelligence. The primary culprits behind this sizable move lower appear to be the company's two clinical updates at the American Society of Clinical Oncology meeting early in the month.
Image source: Getty Images.
Long story short, investors were apparently hoping for an overwhelmingly positive update for either Celldex's antibody-drug conjugate glembatumumab vedotin, or glemba, in advanced melanoma, or for the company's T-cell booster, varlilumab as part of a combo therapy with Bristol-Myers Squibb's (NYSE: BMY) Opdivo for advanced-stage colorectal and ovarian cancer.
Source: Fool.com
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