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Celldex's stock plummets toward record low after failed drug study

Shares of Celldex Therapeutics Inc. CLDX, -4.02% plummeted 40% in premarket industry Monday toward a file low, after the drug maker stated a segment 2b trial of its remedy of triple-negative breast cancer failed to fulfill its primary endpoint. The stock's previous file low shut used to be $1.99 on April 6. The company stated there used to be additionally no significant benefit for glembatumumab vedotin in key secondary endpoints. Based at the learn about's results, Celldex has decided to discontinue the glembatumumab vedotin program throughout all indications. The company stated it is now "prioritizing" its pipeline. "In line with this, we are evaluating our operational and workforce needs to extend our financial resources and direct them to continued pipeline advancement," stated Chief Executive Anthony Marucci. "Once we solidify these plans, we intend to update investors." The stock had tumbled 24.three% year up to now thru Friday, whilst the iShares Nasdaq Biotechnology ETF IBB, -Zero.71% had slipped Zero.eight% and the S&P 500 SPX, -Zero.29% had eased Zero.7%.