Dallas, Texas 05/12/2014 (FINANCIALSTRENDS) –Celldex Therapeutics, Inc. (NASDAQ:CLDX) recently announced its 1Q14 earnings on May 1, 2014 where it posted more than expected losses of $0.33 per share, wider than 1Q13 losses of $0.23 per share. The 1Q14 losses also missed Zacks Consensus Estimate of $0.26 per share. However, 1Q14 revenues were reported at $0.4 million, 82.8% down from 1Q13 and better than Zack Consensus Estimate of nil. The decline in revenue was largely because of lower royalties on Rotarix from GlaxoSmithKline plc (ADR) (NYSE:GSK) because of its termination of agreement with Glaxo.
Celldex Therapeutics, Inc. (NASDAQ:CLDX)’s 1Q14 research and development expenses increased 92.1% to $27.1 million when compared with 1Q13. This was largely attributed to development of glembatumumab vedotin and rindopepimut as well as expansion of varlilumab related study.
The company also reported 46% year over year increase in its 1Q14 general and administrative expenses because of higher cost of professional services, personnel related expenses as well as commercial planning costs for glembatumumab vedotin and rindopepimut.
2 H 14 Outlooks:
Celldex Therapeutics, Inc. (NASDAQ:CLDX) also provided an update on its pipeline products along with 1Q14 earnings release. The company noted that it expects continues patient enrolment for its Phase-III study on rindopepimut which is expected to be completed by mid-2014. The study is testing the potential use of drug for positive glioblastoma multiform (GBM). Moreover the company is also enrolling patients for its rindopepimut related Phase-II study for recurrent GBM and it expects the study to be completed by end of 2014.
Moreover, the company also expects to begin Phase-II studies for squamous cell lung cancer and metastatic melanoma including glembatumumab vedotin.
On Friday, Celldex Therapeutics’ stock gained 15.33% and closed at $12.79. However, the stock plunged 11.85% in overall, during the last week. At its previous close, the stock is about 67% below its 52 week high of $38.84 and just about 16% above its 52 week low of $11.02.
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