Recent News
On July 21, 2026 Celldex released topline results from a Phase 2 study of barzolvolimab in prurigo nodularis. On June 10, 2026 the company announced multiple upcoming presentations from its mast cell–targeting pipeline at a major allergy congress. On June 25, 2026 stockholders approved an amendment increasing shares available under the 2021 equity incentive plan. On July 15, 2026 Celldex disclosed plans for its CFO to retire in 2027. On August 6, 2026 the company reported second‑quarter 2026 financial results and provided a corporate update that reiterated Phase 3 timelines and program priorities.
Technical Analysis
ADX Strength: ADX at 25.66 signals a strong directional regime; that strength raises the probability that recent catalyst-driven moves sustain short-term follow-through rather than immediately reverting.
Directional Indicators: DI+ peaked and reversed, a bearish signal, while DI- shows an increasing reading; those combined directional reads favor downside pressure against the current valuation and imply risk of follow‑through selling if catalysts disappoint.
MACD Momentum: MACD stands at 1.11 below its signal line at 1.39 and the MACD trend is decreasing, indicating weakening upside momentum and a bearish momentum profile into near-term event windows.
MRO Positioning: MRO at 29.19 and decreasing indicates the market price sits above the model target with moderate-to-strong potential for downward mean reversion; that dynamic amplifies downside risk if clinical updates miss expectations.
RSI & Price Context: RSI of 59.9 and falling shows reduced upside breadth from recent highs. Price closed at $41.22, below the 20‑day average of $41.97 but above the 50‑day and 200‑day averages, placing the stock between short-term resistance and longer-term support levels.
EMA / Ichimoku / Bands: The 12‑day EMA peaked and reversed while the Ichimoku Tenkan sits above price and Kijun below price; this mixed set suggests short-term topping pressure within a broader bullish cloud context. Bollinger bands place the close nearer the lower band, increasing the chance of a volatility expansion around upcoming news.
Fundamental Analysis
Profitability & Margins: Operating income equals -$80,623,000 and operating margin registers -3,664.68%, reflecting very low reported revenue ($22,000) against ongoing R&D and operating spend. QoQ operating margin moved -34.90% (decline), while YoY operating margin improved by 40.89% year-over-year.
Revenue & Growth: Total revenue reported $22,000 with YoY revenue growth of 8.27% and QoQ revenue change of -153.27% (reflecting period-to-period base effects). The company shows revenue growth but on a very small revenue base relative to expenses and market cap.
Cash and Liquidity: Cash and short-term investments total $717,587,000 and the cash ratio sits at 1,170.14% (11.70138), with a current ratio of 1,182.11% (11.82113), indicating ample liquidity to fund operations and clinical programs through the near term as reported.
Cash Flow: Operating cash flow totaled -$57,410,000 and free cash flow reached -$60,589,000; free cash flow yield equals -2.22%, with QoQ deterioration in cash generation noted in the provided metrics.
Capital Structure: Total debt remains low at $4,904,000, producing a debt-to-assets ratio of 0.63% and debt-to-equity of 0.69%, reflecting a largely equity-funded balance sheet and minimal leverage relative to invested capital.
Earnings & Valuation Metrics: GAAP EPS was -$0.94 versus an estimate of -$1.06, representing an EPS surprise of +$0.12 or +11.32%. Price-to-book at 3.83 sits below the industry peer mean and median book multiples, while the PEG ratio at 1.82 sits above the industry peer mean. The P/E stands negative at -37.06 due to losses. The price-to-sales ratio is extreme (reported as ~124,319x) driven by the very small revenue base.
WMDST Valuation: The current valuation as determined by WMDST rates the stock as over-valued; the designation aligns with a high market capitalization versus minimal reported revenue, negative operating cash flow, and elevated forward multiples.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-06 |
| NEXT REPORT DATE: | 2026-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 35.7 M |
| Operating Cash Flow | $ -57.41 M | |
| Capital Expenditures | $ -3.18 M | |
| Change In Working Capital | $ 8.5 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 11.7 M | |
| End Period Cash Flow | $ 47.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 22.0 K | |
| Forward Revenue | $ 6.1 K | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 902.0 K | |
| Depreciation and Amortization | $ 902.0 K | |
| Research and Development | $ 67.5 M | |
| Total Operating Expenses | $ 80.6 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -79.72 M | |
| EBIT | $ -80.62 M | |
| Operating Income | $ -80.62 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ -73.50 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -73.50 M | |
| Net Income From Continuing Operations | $ -73.50 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.06 | |
| EPS Actual | $ -0.94 | |
| EPS Difference | $ 0.12 | |
| EPS Surprise | 11.321 % | |
| Forward EPS | $ -1.04 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 782.3 M | |
| Intangible Assets | $ 27.2 M | |
| Net Tangible Assets | $ 687.4 M | |
| Total Current Assets | $ 724.9 M | |
| Cash and Short-Term Investments | $ 717.6 M | |
| Cash | $ 47.5 M | |
| Net Receivables | $ 230.0 K | |
| Inventory | — | |
| Long-Term Investments | $ 634.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 14.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 61.3 M | |
| Net Debt | — | |
| Total Debt | $ 4.9 M | |
| Total Liabilities | $ 67.8 M | |
| EQUITY | ||
| Total Equity | $ 714.6 M | |
| Retained Earnings | $ -1.97 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.10 | |
| Shares Outstanding | 78.500 M | |
| Revenue Per-Share | $ 0.00 | |
| VALUATION | Market Capitalization | $ 2.7 B |
| Enterprise Value | $ 2.0 B | |
| Enterprise Multiple | -25.368 | |
| Enterprise Multiple QoQ | 32.173 % | |
| Enterprise Multiple YoY | 92.01 % | |
| Enterprise Multiple IPRWA | high: 148.972 median: 38.141 mean: 19.969 CLDX: -25.368 low: -178.99 |
|
| EV/R | 91924.543 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.095 | |
| Asset To Liability | 11.542 | |
| Debt To Capital | 0.007 | |
| Debt To Assets | 0.006 | |
| Debt To Assets QoQ | 68.097 % | |
| Debt To Assets YoY | 43.151 % | |
| Debt To Assets IPRWA | high: 0.833 mean: 0.281 median: 0.223 CLDX: 0.006 low: 0.0 |
|
| Debt To Equity | 0.007 | |
| Debt To Equity QoQ | 64.115 % | |
| Debt To Equity YoY | 48.485 % | |
| Debt To Equity IPRWA | high: 1.719 mean: 0.308 median: 0.098 CLDX: 0.007 low: -0.777 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.828 | |
| Price To Book QoQ | -14.972 % | |
| Price To Book YoY | 71.888 % | |
| Price To Book IPRWA | high: 18.326 mean: 8.396 median: 6.334 CLDX: 3.828 low: -9.25 |
|
| Price To Earnings (P/E) | -37.065 | |
| Price To Earnings QoQ | 41.768 % | |
| Price To Earnings YoY | 46.636 % | |
| Price To Earnings IPRWA | high: 160.554 median: 40.973 mean: 20.697 CLDX: -37.065 low: -176.575 |
|
| PE/G Ratio | 1.822 | |
| Price To Sales (P/S) | 124319.225 | |
| Price To Sales QoQ | -9.199 % | |
| Price To Sales YoY | 6118.384 % | |
| Price To Sales IPRWA | CLDX: 124319.225 high: 559.892 mean: 54.657 median: 20.828 low: 0.983 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -30.221 | |
| Forward PE/G | 1.486 | |
| Forward P/S | 445951.893 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.097 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.0 | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | -100.0 % | |
| Asset Turnover Ratio IPRWA | high: 0.511 mean: 0.116 median: 0.106 low: 0.0 CLDX: 0.0 |
|
| Receivables Turnover | 0.096 | |
| Receivables Turnover Ratio QoQ | 615.943 % | |
| Receivables Turnover Ratio YoY | -92.44 % | |
| Receivables Turnover Ratio IPRWA | high: 4.472 median: 1.538 mean: 1.448 CLDX: 0.096 low: 0.058 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 953.977 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 953.977 | |
| Cash Conversion Cycle Days QoQ | -86.03 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 1415.294 CLDX: 953.977 median: 197.717 mean: 177.016 low: -771.823 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.0 | |
| CapEx To Revenue | -144.5 | |
| CapEx To Depreciation | -3.524 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 714.6 M | |
| Net Invested Capital | $ 714.6 M | |
| Invested Capital | $ 714.6 M | |
| Net Tangible Assets | $ 687.4 M | |
| Net Working Capital | $ 663.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 11.701 | |
| Current Ratio | 11.821 | |
| Current Ratio QoQ | 32.497 % | |
| Current Ratio YoY | -39.905 % | |
| Current Ratio IPRWA | high: 31.351 CLDX: 11.821 mean: 4.785 median: 3.163 low: 0.34 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.062 | |
| Cost Of Debt | 91.309 % | |
| Interest Coverage Ratio | -25.924 | |
| Interest Coverage Ratio QoQ | -4.515 % | |
| Interest Coverage Ratio YoY | 26.256 % | |
| Interest Coverage Ratio IPRWA | high: 533.0 mean: 42.332 median: 2.609 CLDX: -25.924 low: -1501.103 |
|
| Operating Cash Flow Ratio | -1.113 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 53.026 % | |
| Revenue Growth | 46.667 % | |
| Revenue Growth QoQ | -153.271 % | |
| Revenue Growth YoY | 826.668 % | |
| Revenue Growth IPRWA | high: 278.717 % CLDX: 46.667 % mean: 15.266 % median: 11.617 % low: -242.388 % |
|
| Earnings Growth | -20.339 % | |
| Earnings Growth QoQ | 520.281 % | |
| Earnings Growth YoY | -511.887 % | |
| Earnings Growth IPRWA | high: 185.714 % median: 13.636 % mean: 10.829 % CLDX: -20.339 % low: -220.0 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | -366468.182 % | |
| EBIT Margin QoQ | -34.896 % | |
| EBIT Margin YoY | 4089.388 % | |
| EBIT Margin IPRWA | high: 103.704 % median: 22.839 % mean: -92.727 % low: -3750.867 % CLDX: -366468.182 % |
|
| Return On Sales (ROS) | -366468.182 % | |
| Return On Sales QoQ | -34.896 % | |
| Return On Sales YoY | 4089.388 % | |
| Return On Sales IPRWA | high: 74.372 % median: 30.748 % mean: -75.426 % low: -3837.989 % CLDX: -366468.182 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -60.59 M | |
| Free Cash Flow Yield | -2.215 % | |
| Free Cash Flow Yield QoQ | -32.325 % | |
| Free Cash Flow Yield YoY | -27.732 % | |
| Free Cash Flow Yield IPRWA | high: 13.067 % median: 0.852 % mean: 0.551 % CLDX: -2.215 % low: -26.527 % |
|
| Free Cash Growth | -9.874 % | |
| Free Cash Growth QoQ | -421.001 % | |
| Free Cash Growth YoY | -45.529 % | |
| Free Cash Growth IPRWA | high: 175.34 % mean: 20.343 % median: 1.424 % CLDX: -9.874 % low: -249.171 % |
|
| Free Cash To Net Income | 0.824 | |
| Cash Flow Margin | -310386.364 % | |
| Cash Flow To Earnings | 0.929 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -11.364 % | |
| Return On Assets QoQ | -20.985 % | |
| Return On Assets YoY | 43.739 % | |
| Return On Assets IPRWA | high: 20.575 % median: 0.317 % mean: -4.01 % CLDX: -11.364 % low: -44.847 % |
|
| Return On Capital Employed (ROCE) | -11.182 % | |
| Return On Equity (ROE) | -0.103 | |
| Return On Equity QoQ | -40.361 % | |
| Return On Equity YoY | 19.106 % | |
| Return On Equity IPRWA | high: 0.462 median: 0.006 CLDX: -0.103 mean: -0.103 low: -0.887 |
|
| DuPont ROE | 0.0 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |