Shares of Celldex Therapeutics (NASDAQ: CLDX) were jumping 10.8% higher as of 3:10 p.m. EDT on Tuesday. This marked the second day of big gains for the stock. Celldex's shares skyrocketed on Monday on the company's positive results from a phase 1b study evaluating CDX-0159 in treating the two most common forms of chronic inducible urticaria (hives).
Today's move is likely partially a continuation of momentum related to the encouraging clinical results. However, Celldex also announced after the market closed on Monday that it plans to conduct a public stock offering to raise additional cash.
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Why Celldex Therapeutics Stock Is Jumping Again Today