Celldex Therapeutics Earnings: Here’s Why Investors are Not Happy Now
Celldex Therapeutics, Inc. (NASDAQ:CLDX) had a loss and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 4.75%.
Celldex Therapeutics, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.24 in the quarter versus EPS of $-0.23 in the year-earlier quarter.
Revenue: Decreased 51.74% to $970,000 from the year-earlier quarter.
Actual vs. Wall St. Expectations: Celldex Therapeutics, Inc. reported adjusted EPS loss of $0.24 per share. By that measure, the company missed the mean analyst estimate of $-0.22. It missed the average revenue estimate of $1.67 million.
Quoting Management: “In the second quarter, Celldex continued to advance multiple clinical programs towards key inflection points,” said Anthony Marucci, President and Chief Executive Officer. “We completed several important steps in preparation for the initiation of our accelerated approval study of CDX-011 in triple negative breast cancer, including selecting a diagnostic partner. We also remain pleased with the pace of enrollment in our Phase 3 study of rindopepimut in frontline glioblastoma and look forward to presenting data from our Phase 2 study in refractory glioblastoma at the Society for Neuro-Oncology meeting later this year. In addition, we enrolled the first patient in our pilot study of CDX-1135 in dense deposit disease and initiated expansion cohorts in our Phase 1 study of CDX-1127 in metastatic melanoma and renal cell carcinoma. We believe the second half of the year promises to be as productive as the first half and we look forward to continuing to update on our progress.”
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