Diamonds and Dogs
Heck of a rebound in oil the last several weeks up 20% and up 5% today closing in on $40 a barrel. Plenty of diamonds in the oil patch and commodities in general as investors buy in and investors who were short covered their positons. Today's diamond, EP Energy Corp (EPE) is up a whopping 74% today and up 240% since last week. A sustainable rebound in oil and gas couldn't come soon enough for oil and gas producers like Ep Energy Corp.
Another bad day for Celldex Therapeutics (CLDX). The company that develops and commercializes immunotherapy technologies for the treatment of cancers and difficult-to-treat diseases, dropped 53% today after confirming an independent Data Safety and Monitoring Board recommendation that it discontinue its phase 3 study of cancer vaccine Rintega (used for patients with EGFRvIII-positive glioblastoma, a form of brain tumor). This was Celldex's only phase 3 study in progress at the time -- its nearest chance at putting an actual drug on market and boosting its revenue out of the current $5.5 million-per-year range, and becoming a real business. Oppenheimer downgraded Celldex stock removing his price target from the stock -- leaving investors with no guidance as to how much Celldex might really be worth.