Celldex sports a $1.81 billion market cap with almost no current revenue, which makes for an eyebrow-raising EV/Sales ratio of 124.47x (well above its already-high five-year average of 393.85x, and the broader market average of 4.62x). The company doesn't have usable P/E multiples—the losses rule that out for now. Investors are clearly betting on future clinical wins instead of today's numbers. Peer firms in specialty immunology trade at EV/Sales multiples in the 20–50x range, so Celldex's lofty valuation implies a lot of hope for success. But any negative clinical news could see the premium vanish quickly. Analysts see upside: a consensus price target of $46.13 points to a 60%-plus gain from current levels.