Why Celldex Therapeutics Stock Crumbled in October

Shares of the clinical-stage biotech Celldex Therapeutics (NASDAQ: CLDX) fell by 14.7% in October, according to S&P Global Market Intelligence. The good news -- if you can call it that -- is that Celldex's shares appear to have fallen simply because investors are tired of waiting for a major clinical update from the company's ongoing mid-stage trial assessing the antibody drug conjugate (ADC) glembatumumab vedotin, or glemba, in patients with triple negative breast cancer (TNBC).

Image source: Getty Images.

At the end of September, CEO Anthony Marucci gave a highly anticipated corporate update at the Cantor Fitzgerald Global Healthcare Conference that caused the company's shares to gain over 22% in just two days leading up to this presentation. Unfortunately, Marucci didn't really have all that much to say about glemba's progress in TNBC, which wasn't surprising since the trial isn't scheduled to readout until the first half of 2018. Even so, investors still decided to hit the exits.

Source: Fool.com