Shares of Celldex Therapeutics (CLDX) plummeted 6.76% in pre-market trading on Friday following news that Morgan Stanley has reduced its target price for the company. The investment bank lowered its price target for Celldex from $46 to $43, signaling a potentially less optimistic outlook for the biopharmaceutical firm.
Analyst price target adjustments often have a significant impact on stock prices, particularly for smaller biotech companies like Celldex Therapeutics. These revisions are typically based on updated assessments of a company's financial health, pipeline progress, or changes in market conditions. While the reasons behind Morgan Stanley's decision were not immediately clear, such moves can influence investor sentiment and trading behavior.
The sharp pre-market decline suggests that investors are reacting swiftly to the news, adjusting their positions ahead of the regular trading session. As the market opens, it remains to be seen whether this downward pressure will persist or if other factors might emerge to influence the stock's performance throughout the day.
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