5 Stocks to Buy According to Neil Shahrestani’s Ikarian Capital

3. Celldex Therapeutics, Inc. (NASDAQ: CLDX)

Shahrestani’s Stake Value: $12,284,000
Percentage of Neil Shahrestani’s 13F Portfolio: 0.40%
Number of Hedge Fund Holders: 26

Celldex Therapeutics, Inc. (NASDAQ: CLDX) is a biopharmaceutical company committed to developing monoclonal and bispecific therapeutic antibodies to treat various illnesses. It was incorporated in 1983 and is placed third on the list of 10 best stocks to buy according to Neil Shahrestani’s Ikarian Capital. Celldex shares have offered 325.17% in returns to investors over the course of the past 12 months.

On July 22, Guggenheim analyst Yatin Suneja initiated a coverage on Celldex Therapeutics, Inc. (NASDAQ: CLDX) with a “Buy” rating and price target of $66. On July 13, Celldex announced that it launched an underwritten offering in which it publicly offered 5.95 million common stock shares at $42.00 per share. In addition, the underwriters will be granted the option of buying an additional 892,857 shares. The net proceeds from the public offering will be used to continue the clinical progress of its product candidates, financing ongoing efforts to develop other products and for general corporate purposes.

Neil Shahrestani’s hedge fund decreased its stake in Celldex Therapeutics, Inc. (NASDAQ: CLDX) by 57% in the first quarter, ending the period with $12.28 million worth of the company’s shares. At the end of the first quarter of 2021, 26 hedge funds in the database of Insider Monkey held stakes worth $297.91 million in Celldex, up from 25 the preceding quarter worth $307.91 million.