Celldex Therapeutics, Inc. (NASDAQ:CLDX) has been fluctuating in the stock market, for the last 2-months, but has recorded an overall decline in its share value. The stock is currently trading at $3.28 per share, as compared to $3.54 per share, at the beginning of March 2017. One of the main reasons for this trend is the fact that the company has been silent, since having issued a corporate update and FY2016 financial results, on March 15, 2017. It is expected that the stock would remain volatile for the near future.
In its last press release, the CEO of the company, Anthony Marucci, claimed that CLDX has made significant progress with its pipeline, during the 4Q2016, including the successful integration of Kolltan Pharmaceuticals and its RTK antibody programs. He further claimed that the company experienced a significant uptick in the enrollment of patients, in clinical studies. The CEO further stated that for the FY2017, their main priority would be completing the glemba studies, for triple negative breast cancer and metastatic melanoma. Data from these studies is expected to be made available, in the next 6-12 months.
Added to this, Celldex is also expected to undergo a change in management, during the summer of 2017, as the company’s CFO and Senior VP, Chip Catlin, has expressed his intention to retire. Mr. Marucci has stated that the management has decided to replace him with Sam Martin, the current VP of finance. He claimed that the transition is expected to be seamless, given that the two have been working closely, for the last 8-years.
Regarding its financial health, CLDX revealed that as of December 31, 2106 it has a cash position of $189.8 million, as compared to $203.2 million, three months ago. The company noted that it has spent an estimated $20.3 million, for its operating activities, during the 4Q2016 alone. Revenues for the period stood at $1.9 million, only slightly higher than the preceding year. However, CLDX’s R&D expenses recorded a surge of approximately $0.7 million, during the same period.