Ridgeback Capital Owns 6% of Celldex

A 13G filing has disclosed that Ridgeback Capital, a healthcare focused hedge fund managed by Wayne Holman, has acquired a total of 3.8 million shares of Celldex Therapeutics, Inc. (NASDAQ:CLDX). This gives it over 6% of the $410 million market cap pharmaceutical company’s total shares outstanding. Ridgeback had reported owning 2.9 million shares of the stock at the beginning of October (see more of Holman’s stock picks). Celldex is expected to be unprofitable next year as well as this year, but optimism concerning the products it has in development have pushed the stock up 140% in the last year.