Intrinsic value of Celldex Therapeutics - CLDX

Previous Close

$2.97

  Intrinsic Value

$0.34

stock screener

  Rating & Target

str. sell

-89%

Previous close

$2.97

 
Intrinsic value

$0.34

 
Up/down potential

-89%

 
Rating

str. sell

We calculate the intrinsic value of CLDX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  40.00
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  7
  11
  17
  26
  38
  53
  73
  98
  128
  165
  209
  259
  317
  382
  454
  534
  621
  716
  817
  925
  1,040
  1,162
  1,290
  1,424
  1,565
  1,712
  1,865
  2,025
  2,191
  2,363
  2,543
Variable operating expenses, $m
 
  55
  81
  116
  164
  228
  310
  413
  539
  691
  870
  1,070
  1,308
  1,576
  1,875
  2,205
  2,565
  2,955
  3,374
  3,821
  4,296
  4,798
  5,326
  5,881
  6,462
  7,069
  7,701
  8,360
  9,045
  9,758
  10,499
Fixed operating expenses, $m
 
  114
  117
  120
  123
  126
  129
  132
  135
  139
  142
  146
  149
  153
  157
  161
  165
  169
  173
  177
  182
  186
  191
  196
  201
  206
  211
  216
  222
  227
  233
Total operating expenses, $m
  140
  169
  198
  236
  287
  354
  439
  545
  674
  830
  1,012
  1,216
  1,457
  1,729
  2,032
  2,366
  2,730
  3,124
  3,547
  3,998
  4,478
  4,984
  5,517
  6,077
  6,663
  7,275
  7,912
  8,576
  9,267
  9,985
  10,732
Operating income, $m
  -133
  -158
  -180
  -210
  -249
  -300
  -366
  -447
  -546
  -665
  -804
  -956
  -1,140
  -1,348
  -1,578
  -1,832
  -2,109
  -2,408
  -2,730
  -3,073
  -3,437
  -3,822
  -4,228
  -4,653
  -5,098
  -5,562
  -6,047
  -6,551
  -7,076
  -7,622
  -8,189
EBITDA, $m
  -129
  -145
  -165
  -192
  -228
  -274
  -333
  -407
  -496
  -603
  -728
  -873
  -1,039
  -1,226
  -1,433
  -1,661
  -1,910
  -2,180
  -2,469
  -2,777
  -3,105
  -3,451
  -3,816
  -4,198
  -4,598
  -5,016
  -5,451
  -5,905
  -6,377
  -6,867
  -7,377
Interest expense (income), $m
  0
  0
  3
  6
  11
  18
  27
  39
  54
  72
  94
  120
  150
  184
  223
  266
  313
  365
  421
  481
  546
  614
  686
  762
  842
  926
  1,013
  1,104
  1,199
  1,297
  1,400
Earnings before tax, $m
  -129
  -158
  -182
  -216
  -260
  -319
  -393
  -486
  -600
  -737
  -898
  -1,076
  -1,290
  -1,532
  -1,801
  -2,098
  -2,422
  -2,773
  -3,151
  -3,554
  -3,983
  -4,436
  -4,914
  -5,415
  -5,940
  -6,488
  -7,060
  -7,655
  -8,275
  -8,919
  -9,588
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -129
  -158
  -182
  -216
  -260
  -319
  -393
  -486
  -600
  -737
  -898
  -1,076
  -1,290
  -1,532
  -1,801
  -2,098
  -2,422
  -2,773
  -3,151
  -3,554
  -3,983
  -4,436
  -4,914
  -5,415
  -5,940
  -6,488
  -7,060
  -7,655
  -8,275
  -8,919
  -9,588

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  190
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  383
  311
  481
  719
  1,043
  1,472
  2,023
  2,715
  3,566
  4,588
  5,795
  7,196
  8,798
  10,604
  12,617
  14,836
  17,257
  19,879
  22,696
  25,705
  28,900
  32,277
  35,834
  39,566
  43,473
  47,554
  51,809
  56,241
  60,852
  65,646
  70,629
Adjusted assets (=assets-cash), $m
  193
  311
  481
  719
  1,043
  1,472
  2,023
  2,715
  3,566
  4,588
  5,795
  7,196
  8,798
  10,604
  12,617
  14,836
  17,257
  19,879
  22,696
  25,705
  28,900
  32,277
  35,834
  39,566
  43,473
  47,554
  51,809
  56,241
  60,852
  65,646
  70,629
Revenue / Adjusted assets
  0.036
  0.035
  0.035
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
  0.036
Average production assets, $m
  64
  102
  157
  235
  341
  481
  661
  887
  1,164
  1,498
  1,892
  2,350
  2,873
  3,463
  4,120
  4,845
  5,636
  6,492
  7,412
  8,394
  9,437
  10,540
  11,702
  12,921
  14,196
  15,529
  16,919
  18,366
  19,872
  21,437
  23,064
Working capital, $m
  161
  -46
  -72
  -107
  -156
  -219
  -302
  -405
  -532
  -684
  -864
  -1,073
  -1,312
  -1,582
  -1,882
  -2,213
  -2,574
  -2,965
  -3,385
  -3,834
  -4,310
  -4,814
  -5,345
  -5,901
  -6,484
  -7,093
  -7,727
  -8,388
  -9,076
  -9,791
  -10,534
Total debt, $m
  0
  72
  176
  321
  519
  781
  1,118
  1,541
  2,061
  2,685
  3,423
  4,279
  5,258
  6,361
  7,591
  8,947
  10,426
  12,028
  13,750
  15,588
  17,540
  19,603
  21,776
  24,057
  26,444
  28,938
  31,538
  34,245
  37,062
  39,992
  43,036
Total liabilities, $m
  118
  190
  294
  439
  637
  899
  1,236
  1,659
  2,179
  2,803
  3,541
  4,397
  5,376
  6,479
  7,709
  9,065
  10,544
  12,146
  13,868
  15,706
  17,658
  19,721
  21,894
  24,175
  26,562
  29,056
  31,656
  34,363
  37,180
  40,110
  43,154
Total equity, $m
  265
  121
  187
  280
  406
  572
  787
  1,056
  1,387
  1,785
  2,254
  2,799
  3,422
  4,125
  4,908
  5,771
  6,713
  7,733
  8,829
  9,999
  11,242
  12,556
  13,939
  15,391
  16,911
  18,499
  20,154
  21,878
  23,671
  25,536
  27,475
Total liabilities and equity, $m
  383
  311
  481
  719
  1,043
  1,471
  2,023
  2,715
  3,566
  4,588
  5,795
  7,196
  8,798
  10,604
  12,617
  14,836
  17,257
  19,879
  22,697
  25,705
  28,900
  32,277
  35,833
  39,566
  43,473
  47,555
  51,810
  56,241
  60,851
  65,646
  70,629
Debt-to-equity ratio
  0.000
  0.600
  0.940
  1.150
  1.280
  1.360
  1.420
  1.460
  1.490
  1.500
  1.520
  1.530
  1.540
  1.540
  1.550
  1.550
  1.550
  1.560
  1.560
  1.560
  1.560
  1.560
  1.560
  1.560
  1.560
  1.560
  1.560
  1.570
  1.570
  1.570
  1.570
Adjusted equity ratio
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -129
  -158
  -182
  -216
  -260
  -319
  -393
  -486
  -600
  -737
  -898
  -1,076
  -1,290
  -1,532
  -1,801
  -2,098
  -2,422
  -2,773
  -3,151
  -3,554
  -3,983
  -4,436
  -4,914
  -5,415
  -5,940
  -6,488
  -7,060
  -7,655
  -8,275
  -8,919
  -9,588
Depreciation, amort., depletion, $m
  4
  13
  15
  17
  21
  26
  32
  40
  50
  62
  76
  83
  101
  122
  145
  171
  198
  229
  261
  296
  332
  371
  412
  455
  500
  547
  596
  647
  700
  755
  812
Funds from operations, $m
  -120
  -145
  -168
  -198
  -239
  -293
  -361
  -446
  -550
  -675
  -822
  -993
  -1,189
  -1,410
  -1,656
  -1,927
  -2,223
  -2,544
  -2,890
  -3,259
  -3,651
  -4,065
  -4,502
  -4,960
  -5,440
  -5,941
  -6,464
  -7,009
  -7,575
  -8,164
  -8,776
Change in working capital, $m
  -7
  -17
  -25
  -36
  -48
  -64
  -82
  -103
  -127
  -152
  -180
  -209
  -239
  -269
  -300
  -331
  -361
  -391
  -420
  -449
  -477
  -504
  -530
  -557
  -583
  -609
  -635
  -661
  -688
  -715
  -743
Cash from operations, $m
  -113
  -128
  -142
  -163
  -191
  -229
  -278
  -342
  -423
  -522
  -642
  -784
  -950
  -1,140
  -1,355
  -1,596
  -1,862
  -2,153
  -2,470
  -2,810
  -3,174
  -3,561
  -3,971
  -4,403
  -4,857
  -5,333
  -5,829
  -6,348
  -6,887
  -7,449
  -8,033
Maintenance CAPEX, $m
  0
  -2
  -4
  -6
  -8
  -12
  -17
  -23
  -31
  -41
  -53
  -67
  -83
  -101
  -122
  -145
  -171
  -198
  -229
  -261
  -296
  -332
  -371
  -412
  -455
  -500
  -547
  -596
  -647
  -700
  -755
New CAPEX, $m
  -3
  -38
  -55
  -78
  -106
  -140
  -180
  -226
  -278
  -334
  -394
  -458
  -523
  -590
  -657
  -724
  -791
  -856
  -920
  -982
  -1,043
  -1,103
  -1,161
  -1,219
  -1,276
  -1,333
  -1,390
  -1,447
  -1,506
  -1,566
  -1,627
Cash from investing activities, $m
  69
  -40
  -59
  -84
  -114
  -152
  -197
  -249
  -309
  -375
  -447
  -525
  -606
  -691
  -779
  -869
  -962
  -1,054
  -1,149
  -1,243
  -1,339
  -1,435
  -1,532
  -1,631
  -1,731
  -1,833
  -1,937
  -2,043
  -2,153
  -2,266
  -2,382
Free cash flow, $m
  -44
  -168
  -201
  -246
  -305
  -381
  -475
  -592
  -732
  -897
  -1,089
  -1,308
  -1,556
  -1,831
  -2,135
  -2,466
  -2,824
  -3,208
  -3,618
  -4,053
  -4,513
  -4,997
  -5,504
  -6,034
  -6,588
  -7,165
  -7,766
  -8,390
  -9,040
  -9,714
  -10,415
Issuance/(repayment) of debt, $m
  0
  72
  104
  146
  198
  262
  337
  423
  519
  625
  737
  856
  979
  1,104
  1,230
  1,355
  1,480
  1,602
  1,721
  1,838
  1,952
  2,064
  2,173
  2,281
  2,387
  2,493
  2,600
  2,708
  2,817
  2,929
  3,045
Issuance/(repurchase) of shares, $m
  14
  204
  248
  308
  386
  485
  608
  755
  931
  1,134
  1,367
  1,621
  1,913
  2,234
  2,584
  2,961
  3,364
  3,793
  4,247
  4,724
  5,226
  5,750
  6,297
  6,867
  7,460
  8,075
  8,715
  9,379
  10,068
  10,784
  11,527
Cash from financing (excl. dividends), $m  
  14
  276
  352
  454
  584
  747
  945
  1,178
  1,450
  1,759
  2,104
  2,477
  2,892
  3,338
  3,814
  4,316
  4,844
  5,395
  5,968
  6,562
  7,178
  7,814
  8,470
  9,148
  9,847
  10,568
  11,315
  12,087
  12,885
  13,713
  14,572
Total cash flow (excl. dividends), $m
  -30
  108
  151
  208
  279
  367
  469
  587
  718
  862
  1,016
  1,169
  1,336
  1,507
  1,679
  1,850
  2,020
  2,187
  2,350
  2,509
  2,665
  2,817
  2,966
  3,113
  3,259
  3,404
  3,549
  3,696
  3,846
  3,999
  4,156
Retained Cash Flow (-), $m
  25
  -204
  -248
  -308
  -386
  -485
  -608
  -755
  -931
  -1,134
  -1,367
  -1,621
  -1,913
  -2,234
  -2,584
  -2,961
  -3,364
  -3,793
  -4,247
  -4,724
  -5,226
  -5,750
  -6,297
  -6,867
  -7,460
  -8,075
  -8,715
  -9,379
  -10,068
  -10,784
  -11,527
Prev. year cash balance distribution, $m
 
  190
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  94
  -98
  -101
  -107
  -119
  -138
  -169
  -212
  -272
  -352
  -452
  -577
  -727
  -905
  -1,110
  -1,344
  -1,606
  -1,897
  -2,215
  -2,561
  -2,933
  -3,331
  -3,754
  -4,201
  -4,672
  -5,166
  -5,683
  -6,223
  -6,785
  -7,371
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  90
  -90
  -88
  -88
  -92
  -101
  -114
  -133
  -157
  -184
  -215
  -246
  -277
  -304
  -326
  -342
  -349
  -349
  -341
  -325
  -303
  -276
  -246
  -214
  -182
  -151
  -122
  -96
  -74
  -55
Current shareholders' claim on cash, %
  100
  34.6
  14.3
  6.6
  3.4
  1.8
  1.1
  0.6
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Celldex Therapeutics, Inc. is a biopharmaceutical company. The Company is focused on the development and commercialization of several immunotherapy technologies for the treatment of cancer and other diseases. Its lead drug Rintega (also referred to as rindopepimut and CDX-110) is a therapeutic vaccine, which is meant for the treatment of glioblastoma patients. Its Glembatumumab vedotin (also referred to as CDX-011) is meant for the treatment of metastatic melanoma. Its Varlilumab (also referred to as CDX-1127) is an immune modulating antibody. Its earlier stage drug candidates in clinical development include CDX-1401, which is a targeted immunotherapeutic aimed at antigen presenting cells (APC) for cancer indications and CDX-301, which is an immune cell mobilizing agent and dendritic cell growth factor. It includes a multi-faceted tumor-associated macrophage (TAM) program. The Company's pipeline also includes CDX-0158 and CDX-3379, which are humanized monoclonal antibodies.

FINANCIAL RATIOS  of  Celldex Therapeutics (CLDX)

Valuation Ratios
P/E Ratio -2.8
Price to Sales 51.1
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow -3.2
Price to Free Cash Flow -3.1
Growth Rates
Sales Growth Rate 40%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -40%
Cap. Spend. - 3 Yr. Gr. Rate -5.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -35.8%
Ret/ On Assets - 3 Yr. Avg. -39.6%
Return On Total Capital -46.5%
Ret/ On T. Cap. - 3 Yr. Avg. -47.1%
Return On Equity -46.5%
Return On Equity - 3 Yr. Avg. -47.1%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 33.3%
EBITDA Margin -1785.7%
EBITDA Margin - 3 Yr. Avg. -2373.6%
Operating Margin -1900%
Oper. Margin - 3 Yr. Avg. -2516.7%
Pre-Tax Margin -1842.9%
Pre-Tax Margin - 3 Yr. Avg. -2444.3%
Net Profit Margin -1842.9%
Net Profit Margin - 3 Yr. Avg. -2444.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CLDX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CLDX stock intrinsic value calculation we used $7 million for the last fiscal year's total revenue generated by Celldex Therapeutics. The default revenue input number comes from 2016 income statement of Celldex Therapeutics. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CLDX stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CLDX is calculated based on our internal credit rating of Celldex Therapeutics, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Celldex Therapeutics.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CLDX stock the variable cost ratio is equal to 542.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $111 million in the base year in the intrinsic value calculation for CLDX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Celldex Therapeutics.

Corporate tax rate of 27% is the nominal tax rate for Celldex Therapeutics. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CLDX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CLDX are equal to 907.1%.

Life of production assets of 28.4 years is the average useful life of capital assets used in Celldex Therapeutics operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CLDX is equal to -414.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $265 million for Celldex Therapeutics - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 128.342 million for Celldex Therapeutics is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Celldex Therapeutics at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ How to Invest in Biotech Stocks   [01:31PM  Motley Fool]
▶ Celldex reports 3Q loss   [08:11AM  Associated Press]
▶ Celldex Reports Third Quarter 2017 Results   [08:01AM  GlobeNewswire]
▶ Is Celldex Therapeutics Inc (CLDX) Undervalued?   [Nov-06-17 09:52AM  Simply Wall St.]
▶ Why Celldex Therapeutics, Inc. Jumped Higher Today   [Sep-25-17 04:20PM  Motley Fool]
▶ 3 Small-Cap Biotech Stocks to Buy This Fall   [Sep-21-17 07:47AM  Motley Fool]
▶ Celldex Announces Departure of Chief Medical Officer   [Sep-12-17 04:01PM  GlobeNewswire]
▶ 3 Top Healthcare Stocks to Buy Now   [Aug-24-17 10:03PM  Motley Fool]
▶ 3 Top Biotech Stocks Under $10   [Aug-19-17 12:03PM  Motley Fool]
▶ 3 Beaten-Up Biotech Stocks: Are They Bargains?   [Aug-14-17 09:37AM  Motley Fool]
▶ Celldex reports 2Q loss   [Aug-08-17 11:55PM  Associated Press]
▶ Celldex Reports Second Quarter 2017 Results   [04:01PM  GlobeNewswire]
▶ 3 Stocks That Could Double Your Money   [Jun-24-17 11:42AM  Motley Fool]
▶ 3 Stocks with Universal Display-like Return Potential   [Jun-18-17 02:32PM  Motley Fool]
▶ 3 Beaten-Up Biotech Stocks: Are They Bargains?   [Jun-12-17 08:42AM  Motley Fool]
▶ 3 Stocks That Look Just Like Oracle in 1986   [Jun-11-17 09:47AM  Motley Fool]
▶ Here's Why Celldex Therapeutics, Inc. Fell Today   [Jun-06-17 04:53PM  Motley Fool]
▶ Celldex Therapeutics, Inc.: The Bear Case from a Bull   [Jun-01-17 09:39AM  Motley Fool]
▶ Better Buy: Celldex Therapeutics, Inc. vs. Agenus Inc.   [May-21-17 06:41AM  Motley Fool]
▶ 3 Value Stocks for Bold Investors   [May-18-17 07:44AM  Motley Fool]
▶ Celldex reports 1Q loss   [05:34PM  Associated Press]
▶ Celldex Reports First Quarter 2017 Results   [04:01PM  GlobeNewswire]
▶ Read This Before You Buy Biotech Stocks   [Apr-23-17 02:03PM  Motley Fool]
▶ 3 Cancer Drug Stocks That Could Make You Rich   [Apr-17-17 08:42AM  Motley Fool]
▶ 3 Biotech Stocks to Buy on Sale   [Apr-15-17 12:02PM  Motley Fool]
▶ 3 Stocks That Could Double Your Money   [11:09AM  Motley Fool]
Financial statements of CLDX
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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