HAMPTON, N.J. - Celldex Therapeutics Inc. (NASDAQ:CLDX) completed an underwritten public offering of 11,896,750 shares of common stock at $29.00 per share, according to a press release statement.
The offering included the full exercise of the underwriters' option to purchase an additional 1,551,750 shares. Celldex sold all shares in the offering, generating gross proceeds of approximately $345 million before underwriting discounts, commissions and other offering expenses. The stock currently trades at $31.43, above the offering price, reflecting a strong 97% return over the past year.
Leerink Partners, TD Cowen, Guggenheim Securities and Cantor served as joint bookrunning managers for the offering. LifeSci Capital and H.C. Wainwright & Co. acted as co-lead managers.
The shares were offered through a shelf registration statement on Form S-3 (File No. 333-275300), which was filed with the Securities and Exchange Commission and became effective on November 3, 2023.
Celldex is a clinical stage biotechnology company developing antibody-based therapeutics focused on mast cell biology for patients with inflammatory, allergic and autoimmune diseases. According to InvestingPro analysis, the company holds more cash than debt on its balance sheet, though it currently trades above its Fair Value. Investors can access detailed insights through the comprehensive Pro Research Report, available for CLDX and over 1,400 US equities.
In other recent news, Celldex Therapeutics Inc. announced the pricing of an underwritten public offering of 10,345,000 shares of common stock at $29.00 per share, expecting to receive gross proceeds of approximately $300 million. The company has also granted underwriters a 30-day option to purchase an additional 1,551,750 shares at the same price, excluding underwriting discounts and commissions. This move comes as part of Celldex's efforts to bolster its financial resources. In another development, the company presented data from Phase 2 trials at the American Academy of Dermatology Annual Meeting, demonstrating that barzolvolimab improved quality of life measures for patients with chronic spontaneous urticaria and chronic inducible urticaria.
Furthermore, Wolfe Research upgraded Celldex Therapeutics' stock from Underperform to Outperform, setting a price target of $44.00. Analyst Andy Chen from Wolfe Research noted a potential for a better catalyst setup in 2026, suggesting a more favorable investor response. These recent developments indicate active strategic maneuvers by Celldex to enhance its market position and investor appeal.