Salix Pharmaceuticals, Ltd. (SLXP)

I'm nervous that Celldex will slip below the 100M threshold and I'll never be able to catch them again. I'm pretty confident they're headed nowhere so even if I eat dirt on this in the short-term the pick will eventually pay off and I'll be score leader. Here's my prior underperform pitch - nothing has changed:

Celldex has a lot of potential on paper but does not inspire confidence with their behavior. Whether it's the strange merger between a vaccine developer and an oncology biotech, the confusing name changes, or data mining failed trials, they have labeled themselves in my mind as a long-term failure. The most recent source of irritation is the decision to change a planned controlled phase IIb/III study of CDX-110 to a single-arm phase II study, apparently because patients were withdrawing from the study after being randomized to the control arm. Admittedly I haven't looked into this sufficiently to determine exactly how patients knew they were in the control arm of a supposedly randomized controlled study, but I am amazed at how the company appears to have blithely set themselves back an entire level of development. The market doesn't seem to care much either, rewarding the stock with a double.