In the Phase 2 ACTIVATE study, the median overall survival is 24.6 months from diagnosis (20.4 months from study entry) and overall survival is 33% at three years.' The company has also announced positive data in the Phase II Emerge study for its breast cancer candidate CDX-011. The drug attacks the GPNMB protein, which is primarily responsible for the migration, invasion and metastasis of the cancer. The results, according to company disclosures, 'confirm preliminary findings reported in May and establish proof of principle with evidence of higher activity in patient subgroups with high GPNMB expression (expression in e25% of tumor cells), including those with triple negative disease.' Bottom Line The mean sell side target price for Celldex is $15.6, an upside of approximately 30% based on the current price. At a market capitalization of approximately $900 million, the company is also a good acquisition target.