Celldex Therapeutics, Inc.

DB:TCE2 Stock Report

Market Cap: €2.0b

Celldex Therapeutics Valuation

Is TCE2 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of TCE2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: TCE2 (€25.54) is trading below our estimate of future cash flow value (€76.89)

Significantly Below Future Cash Flow Value: TCE2 is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TCE2?

Key metric: As TCE2 barely has revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for TCE2. This is calculated by dividing TCE2's market cap by their current book value.
What is TCE2's PB Ratio?
PB Ratio5.4x
BookUS$456.23m
Market CapUS$2.35b

Price to Book Ratio vs Peers

How does TCE2's PB Ratio compare to its peers?

The above table shows the PB ratio for TCE2 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average10.3x
BIO0 Biotest GmbH KGaA
2.5xn/a€1.3b
BIO3 Biotest
2.2xn/a€1.4b
FYB Formycon
0.9x120.74%€359.6m
7ZT Hamlet BioPharma
35.7xn/a€1.3b
TCE2 Celldex Therapeutics
5.4x45.95%€2.4b

Price-To-Book vs Peers: TCE2 is good value based on its Price-To-Book Ratio (5.4x) compared to the peer average (9.3x).

Historical Price to Book Ratio

Historical Price to Book Ratio compares a stock's price to the book value of it's equity over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Book Ratio vs Industry

How does TCE2's PB Ratio compare vs other companies in the DE Biotechs Industry?

7 CompaniesPrice / BookEstimated GrowthMarket Cap
V9Z Aceragen
0.1xn/aUS$3.12m
V9Z Aceragen
0.1xn/aUS$2.18m
MDG1 Medigene
0.1x14.15%US$2.07m
0C1 Atreca
0.2x4.34%US$1.85m
TCE2 5.4xIndustry Avg. 2.9xNo. of Companies7PB00.81.62.43.24+
7 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: TCE2 is expensive based on its Price-To-Book Ratio (5.4x) compared to the European Biotechs industry average (2.9x).

Price to Book Ratio vs Fair Ratio

What is TCE2's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TCE2 PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio5.4x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate TCE2's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TCE2 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€25.54
€49.84
+95.15%
25.51%€77.97€32.92n/a15
Jun ’27€26.56
€49.90
+87.87%
25.32%€76.86€32.45n/a14
May ’27€27.15
€48.68
+79.31%
28.69%€76.87€29.04n/a14
Apr ’27€27.20
€46.78
+71.99%
33.41%€77.49€20.66n/a15
Mar ’27€25.60
€46.34
+81.03%
34.54%€76.13€20.30n/a14
Feb ’27€20.40
€44.91
+120.15%
34.15%€75.75€20.20n/a14
Jan ’27€22.00
€45.44
+106.56%
34.15%€76.65€20.44n/a14
Dec ’26€23.00
€45.86
+99.38%
34.96%€77.66€18.12n/a14
Nov ’26€22.60
€46.35
+105.09%
33.90%€78.08€21.69n/a14
Oct ’26€21.60
€47.94
+121.93%
31.04%€76.70€25.57n/a12
Sep ’26€18.60
€47.72
+156.55%
30.42%€77.22€25.74n/a13
Aug ’26€18.90
€50.65
+167.98%
28.07%€77.87€26.82n/a13
Jul ’26€17.00
€50.65
+197.93%
28.07%€77.87€26.82n/a13
Jun ’26€17.20
€51.87
+201.58%
28.07%€79.75€27.47€26.5613
May ’26€18.10
€54.47
+200.94%
25.10%€78.78€31.51€27.1513
Apr ’26€16.50
€57.21
+246.73%
26.18%€82.94€33.17€27.2012
Mar ’26€19.30
€61.27
+217.46%
25.49%€86.78€34.71€25.6011
Feb ’26€24.20
€64.44
+166.29%
21.66%€86.44€40.34€20.4010
Jan ’26€24.20
€64.72
+167.43%
21.66%€86.81€40.51€22.0010
Dec ’25€26.20
€63.66
+142.99%
21.66%€85.39€39.85€23.0010
Nov ’25€23.80
€62.31
+161.81%
20.83%€83.21€40.68€22.6010
Oct ’25€30.40
€60.27
+98.26%
22.01%€80.83€39.52€21.609
Sep ’25€36.00
€61.30
+70.27%
22.83%€82.34€33.85€18.609
Aug ’25€35.20
€61.77
+75.48%
23.57%€83.25€32.38€18.909
Jul ’25€34.20
€62.22
+81.94%
23.57%€83.86€32.61€17.009
Jun ’25€31.00
€65.34
+110.79%
22.93%€83.67€32.54€17.207
€46.99
Fair Value
45.6% undervalued intrinsic discount
15
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/12 23:10
End of Day Share Price 2026/06/12 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Celldex Therapeutics, Inc. is covered by 22 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Etzer DaroutBarclays
Edward NashCanaccord Genuity
Kristen KluskaCantor Fitzgerald & Co.