Recent News
Sep 29, 2025 — Investor’s Business Daily upgraded Celldex’s Relative Strength rating to 72, noting recent technical strength. Sep 17, 2025 — Celldex announced Phase 2 data showing barzolvolimab delivered rapid efficacy in chronic spontaneous urticaria regardless of baseline IgE at the EADV Congress. Sep 9, 2025 — management presented at the Morgan Stanley 23rd Annual Global Healthcare Conference.
Technical Analysis
ADX stands at 21.34, indicating an emerging trend strength that supports a directional move rather than trendlessness; this aligns with the near-term bias for upside implied by clinical news and valuation.
DI+ reads 22.0 (dip & reversal), a pattern that represents bullish directional pressure; DI- sits at 13.08 (decreasing), which further confirms bullish directional consolidation and reduces downside directional pressure.
MACD stands at 0.71 with the MACD signal at 0.58 and MACD_trend listed as dip & reversal; the MACD has crossed above its signal line, a bullish momentum confirmation that supports the immediate upside outlook tied to recent clinical headlines.
MRO at -4.93 (peak & reversal) shows the price below the modeled target, implying potential for upward drift toward fair-value reference points; the negative MRO signals a tendency for price to move higher from its current level.
RSI shows 55.9 (dip & reversal), a reading that avoids overbought extremes while the trend label signals renewed buying pressure; that condition supports continued upside without immediate exhaustion.
Price context: the last close at $26.19 sits above the 12-day EMA ($25.11, increasing), the 20-day average ($25.07) and the 50-day average ($23.34), while remaining well below the 52-week high of $47.00. Bollinger bands (1x) range roughly $24.32–$25.81; current price trades near the upper band boundary and displays modest short-term extension but not extreme volatility. Beta over 42 days at 1.82 signals elevated short-term sensitivity; 52-week beta at 1.15 shows above-market but more muted longer-term sensitivity.
Volume at 738,280 undercuts recent averages (10-day: 1,183,829; 50-day: 1,308,394; 200-day: 1,022,128), indicating the latest move carries less conviction than prior runs; traders should note momentum relies more on technical setup and newsflow than heavy participation so far.
Fundamental Analysis
Operating performance shows operating income at -$63,857,000 and EBIT at -$63,857,000, producing an operating/EBIT margin of -87.48%. That margin compares to an industry peer mean operating margin of -0.75% and stands well below the industry peer mean, reflecting heavy trial and development expenditures rather than commercialization shortfall.
Net income for the period registers at -$56,600,000. EPS actual at -$0.85 versus an estimate of -$0.84 yields an EPS surprise of -1.19%.
Top-line and growth metrics display contrasts: reported total revenue at $730,000 alongside a revenue per share of $0.011. Revenue growth shows mixed entries in the file: a point value of 0.05036 (5.04%) appears alongside a revenue growth year-over-year figure of -99.67%; present both figures as reported and flag the material YoY decline by percentage.
Balance sheet strength remains the dominant fundamental story. Cash and short-term investments total $630,337,000 while cash at period end stands at $23,044,000; total current assets $648,404,000 against total current liabilities $32,963,000 produce a current ratio of 19.67 and a cash ratio of 19.12. Total debt sits at $3,031,000, yielding debt-to-assets of 0.44% and debt-to-equity of 0.46%—levels that indicate minimal leverage and a long runway to fund R&D programs.
Research and development expense reached $54,196,000, directly tying to the deep negative free cash flow of -$44,733,000 and free cash flow yield of -3.07%. Free cash flow growth shows contraction with QoQ and YoY signals captured in the reported values. Interest coverage registers negative at -20.53, reflecting losses but minimal absolute interest burden given low debt.
Profitability ratios show return on assets at -7.91% and return on equity at -8.64% with year-over-year improvements in both (ROA YoY +89.09%; ROE YoY +96.05% as reported), indicating improvement from a lower base while still negative in absolute terms.
Valuation context: enterprise value equals $832,125,213 with market capitalization of $1,459,431,213. Price-to-book stands at 2.23 while price-to-sales registers an elevated 1,999.22 reflecting the extremely low trailing revenue base. WMDST values the stock as under-valued, with that conclusion driven primarily by the large cash and short-term investments supporting ongoing clinical development versus current market capitalization and the company’s pipeline progress.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-07 |
| NEXT REPORT DATE: | 2025-11-06 |
| CASH FLOW | Begin Period Cash Flow | $ 17.1 M |
| Operating Cash Flow | $ -44.01 M | |
| Capital Expenditures | $ -728.00 K | |
| Change In Working Capital | $ 4.2 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 5.9 M | |
| End Period Cash Flow | $ 23.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 730.0 K | |
| Forward Revenue | $ 172.9 K | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 873.0 K | |
| Depreciation and Amortization | $ 873.0 K | |
| Research and Development | $ 54.2 M | |
| Total Operating Expenses | $ 64.6 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -62.98 M | |
| EBIT | $ -63.86 M | |
| Operating Income | $ -63.86 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ -56.60 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -56.60 M | |
| Net Income From Continuing Operations | $ -56.60 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.84 | |
| EPS Actual | $ -0.85 | |
| EPS Difference | $ -0.01 | |
| EPS Surprise | -1.19 % | |
| Forward EPS | $ -0.81 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 692.4 M | |
| Intangible Assets | $ 27.2 M | |
| Net Tangible Assets | $ 628.2 M | |
| Total Current Assets | $ 648.4 M | |
| Cash and Short-Term Investments | $ 630.3 M | |
| Cash | $ 23.0 M | |
| Net Receivables | $ 90.0 K | |
| Inventory | — | |
| Long-Term Investments | $ 100.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 2.1 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 33.0 M | |
| Net Debt | — | |
| Total Debt | $ 3.0 M | |
| Total Liabilities | $ 37.0 M | |
| EQUITY | ||
| Total Equity | $ 655.4 M | |
| Retained Earnings | $ -1.67 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.87 | |
| Shares Outstanding | 66.394 M | |
| Revenue Per-Share | $ 0.01 | |
| VALUATION | Market Capitalization | $ 1.5 B |
| Enterprise Value | $ 832.1 M | |
| Enterprise Multiple | -13.212 | |
| Enterprise Multiple QoQ | 20.529 % | |
| Enterprise Multiple YoY | -64.36 % | |
| Enterprise Multiple IPRWA | high: 47.216 median: 14.143 mean: 5.452 CLDX: -13.212 low: -68.907 |
|
| EV/R | 1139.898 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.056 | |
| Asset To Liability | 18.713 | |
| Debt To Capital | 0.005 | |
| Debt To Assets | 0.004 | |
| Debt To Assets QoQ | -5.603 % | |
| Debt To Assets YoY | 16.489 % | |
| Debt To Assets IPRWA | high: 0.995 mean: 0.195 median: 0.062 CLDX: 0.004 low: 0.0 |
|
| Debt To Equity | 0.005 | |
| Debt To Equity QoQ | -5.328 % | |
| Debt To Equity YoY | 18.159 % | |
| Debt To Equity IPRWA | high: 1.577 mean: 0.256 median: 0.059 CLDX: 0.005 low: -1.039 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.227 | |
| Price To Book QoQ | 16.119 % | |
| Price To Book YoY | -27.135 % | |
| Price To Book IPRWA | high: 16.592 median: 6.295 mean: 5.282 CLDX: 2.227 low: -10.064 |
|
| Price To Earnings (P/E) | -25.277 | |
| Price To Earnings QoQ | 0.823 % | |
| Price To Earnings YoY | -63.616 % | |
| Price To Earnings IPRWA | high: 44.732 mean: -11.152 median: -18.972 CLDX: -25.277 low: -73.374 |
|
| PE/G Ratio | -5.119 | |
| Price To Sales (P/S) | 1999.221 | |
| Price To Sales QoQ | 3.07 % | |
| Price To Sales YoY | 100.843 % | |
| Price To Sales IPRWA | CLDX: 1999.221 high: 517.227 mean: 56.252 median: 19.711 low: 0.25 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -25.2 | |
| Forward PE/G | -5.103 | |
| Forward P/S | 8443.681 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.354 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.001 | |
| Asset Turnover Ratio QoQ | 12.088 % | |
| Asset Turnover Ratio YoY | -64.948 % | |
| Asset Turnover Ratio IPRWA | high: 0.388 mean: 0.115 median: 0.113 CLDX: 0.001 low: -0.001 |
|
| Receivables Turnover | 1.265 | |
| Receivables Turnover Ratio QoQ | 60.557 % | |
| Receivables Turnover Ratio YoY | 6.485 % | |
| Receivables Turnover Ratio IPRWA | high: 6.517 median: 1.422 mean: 1.409 CLDX: 1.265 low: 0.012 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 72.125 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.001 | |
| CapEx To Revenue | -0.997 | |
| CapEx To Depreciation | -0.834 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 655.4 M | |
| Net Invested Capital | $ 655.4 M | |
| Invested Capital | $ 655.4 M | |
| Net Tangible Assets | $ 628.2 M | |
| Net Working Capital | $ 615.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 19.123 | |
| Current Ratio | 19.671 | |
| Current Ratio QoQ | -9.217 % | |
| Current Ratio YoY | -32.997 % | |
| Current Ratio IPRWA | high: 24.698 CLDX: 19.671 mean: 3.927 median: 2.52 low: 0.021 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.048 | |
| Cost Of Debt | 96.3 % | |
| Interest Coverage Ratio | -20.533 | |
| Interest Coverage Ratio QoQ | 1.782 % | |
| Interest Coverage Ratio YoY | 37.869 % | |
| Interest Coverage Ratio IPRWA | high: 940.414 mean: 45.479 median: 2.742 CLDX: -20.533 low: -1465.352 |
|
| Operating Cash Flow Ratio | -1.702 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -6.365 % | |
| Revenue Growth | 5.036 % | |
| Revenue Growth QoQ | -112.328 % | |
| Revenue Growth YoY | -99.665 % | |
| Revenue Growth IPRWA | high: 269.352 % mean: 20.524 % median: 12.272 % CLDX: 5.036 % low: -259.856 % |
|
| Earnings Growth | 4.938 % | |
| Earnings Growth QoQ | -64.941 % | |
| Earnings Growth YoY | -238.281 % | |
| Earnings Growth IPRWA | high: 155.0 % median: 11.33 % CLDX: 4.938 % mean: 2.38 % low: -181.25 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | -8747.534 % | |
| EBIT Margin QoQ | -3.098 % | |
| EBIT Margin YoY | 371.778 % | |
| EBIT Margin IPRWA | high: 338.783 % median: 23.755 % mean: -75.178 % low: -5123.44 % CLDX: -8747.534 % |
|
| Return On Sales (ROS) | -8747.534 % | |
| Return On Sales QoQ | -3.098 % | |
| Return On Sales YoY | 371.778 % | |
| Return On Sales IPRWA | high: 89.247 % median: 28.85 % mean: -77.222 % low: -5293.929 % CLDX: -8747.534 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -44.73 M | |
| Free Cash Flow Yield | -3.065 % | |
| Free Cash Flow Yield QoQ | -24.377 % | |
| Free Cash Flow Yield YoY | 157.563 % | |
| Free Cash Flow Yield IPRWA | high: 36.371 % median: 0.516 % mean: -0.335 % CLDX: -3.065 % low: -74.318 % |
|
| Free Cash Growth | -18.127 % | |
| Free Cash Growth QoQ | -128.143 % | |
| Free Cash Growth YoY | -34.727 % | |
| Free Cash Growth IPRWA | high: 157.51 % median: 13.256 % mean: 3.698 % CLDX: -18.127 % low: -193.262 % |
|
| Free Cash To Net Income | 0.79 | |
| Cash Flow Margin | -7683.562 % | |
| Cash Flow To Earnings | 0.991 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -7.906 % | |
| Return On Assets QoQ | 12.557 % | |
| Return On Assets YoY | 89.094 % | |
| Return On Assets IPRWA | high: 36.544 % median: 1.616 % mean: -1.37 % CLDX: -7.906 % low: -68.545 % |
|
| Return On Capital Employed (ROCE) | -9.683 % | |
| Return On Equity (ROE) | -0.086 | |
| Return On Equity QoQ | 12.845 % | |
| Return On Equity YoY | 96.05 % | |
| Return On Equity IPRWA | high: 1.141 median: 0.04 mean: 0.008 CLDX: -0.086 low: -1.572 |
|
| DuPont ROE | -8.336 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |