Pre-earnings brief
Reports
Mon, Nov 9, 2026
Est. EPS
—
Est. revenue
—
Implied move
±16.4%
EPS beat rate
50%
Celldex Therapeutics, Inc. is a biotechnology company focused on developing innovative therapies for cancer and other serious diseases. With a market cap of $2 billion, it plays a significant role in the health care sector, particularly in advancing treatments that could improve patient outcomes.
Last quarter
In Q2 2026, Celldex reported an EPS of -$0.94, which was better than the expected -$1.04, resulting in a positive stock reaction of +1.22% the following day. However, the company did not provide revenue figures or specific guidance.
EPS beat streak
1Q
EPS beat rate
50%
Avg EPS surprise
-3.61%
Avg 1-day reaction
+3.80%
Investors are cautiously optimistic ahead of the upcoming earnings report, especially after a slight EPS beat last quarter. However, the lack of revenue guidance raises concerns about the company's growth trajectory.
Bull case
If Celldex can demonstrate significant progress in its clinical trials and show improved revenue, it could lead to a strong positive reaction from the market.
Bear case
Conversely, if the company fails to provide clear updates on its pipeline or reports worse-than-expected financials, it could lead to a negative response from investors.
The print will turn on these.
Q1
What is the current status of ongoing clinical trials?
Updates on clinical trials can significantly influence investor confidence and the company's future valuation.
Q2
Will there be any guidance on revenue expectations for the next quarter?
Clear revenue guidance is crucial for assessing the company's growth potential and market positioning.
—
Est. EPS
—
Est. Rev
—
Impl. Move
±17.1%
Why consensus could be wrong
The Street may underestimate the potential impact of upcoming clinical trial results, which could be more favorable than anticipated.
Supporting evidence
The recent EPS surprise indicates that the company may be performing better than analysts expect.
Options pricing suggests a significant move, indicating that investors are anticipating volatility and potential positive news.
Key risk
If the clinical trial updates are more positive than expected, it could shift market sentiment dramatically.
Pre-commit to what would confirm each case.
This quarter's performance hinges on the company's ability to provide clarity on its clinical pipeline and financial outlook.
Bull confirmed if
Demonstrating a significant improvement in clinical trial results or providing optimistic revenue guidance would confirm the bull case.
Bear confirmed if
A lack of progress in clinical trials or disappointing financial results would confirm the bear case.
What the market is pricing for the move.
Implied Move
±19.77%
Historical Avg
±5.5%
The options market is pricing in a significant potential move, suggesting that investors expect volatility around the earnings announcement.
Options are pricing ±16.4% while CLDX has averaged ±5.5% over the last 8 prints — setup is pricing rich.
ATM IV
0.6%
30d HV
52.0%
Likely market behavior by outcome. Not investment advice.
Beat & raise
If Celldex beats expectations and raises guidance, history suggests the stock could rise by around +1.81% on the following day.
In line / cautious
If results are in line with expectations but management is cautious, the stock may see a muted reaction as investors digest the commentary.
Miss
If the company misses expectations, history suggests a potential decline of around -5.80% in the stock price.
The lines on the call that would change the story.