Needham Maintains "Buy on Celldex (NASDAQ:CLDX) on Rindopepimut Potential

After unveiling the Phase 2 results concerning cancer vaccine "rindopepimut" at a recent Montreal SNO meeting, Needham reiterated their "Buy" rating on Celldex Therapeutics (NASDAQ:CLDX).

"We believe that the ACT III multicenter data are consistent with two other previously completed Phase 2 trials and further confirm the efficacy of the active immunotherapeutic (cancer vaccine) rindopepimut and support pivotal testing in GBM. The Company expects to meet with the FDA in early 2011 to finalize a pivotal study, which may lead to a SPA, and plans to initiate an international, randomized, placebo controlled Phase 3 trial in 2H11," said Needham.

Celldex closed Monday at $4.30, dropping $0.32, or 6.93 percent. Needham has a price target of $12 on the company.