What: Celldex Therapeutics (NASDAQ:CLDX) ended the day up more than 10% on no news.

So what: Celldex's investors certainly like Mondays. Two weeks ago the stock started the week with a double-digit move higher -- also on no news. Shares in the biotech are now about 50% higher than their 52-week low.

Unfortunately, after the biotech's brain cancer vaccine Rintega failed a clinical trial last month, Celldex is still nowhere near its 52-week high, either.

CLDX Chart

CLDX data by YCharts.

Now what: Celldex has other drugs in its pipeline besides Rintega. Glembatumumab vedotin provides most of the current valuation since the drug is already in a registration trial, testing the activity in a subset of breast cancer patients.

Unfortunately the METRIC trial in breast cancer isn't scheduled to read out until 2017. The drug is also being tested in a few other phase 2 trials in other cancers that could report data sooner and might increase the valuation some more.

But Celldex has a ways to go before it'll have a drug on the market, and given the waiting game, the biotech is likely to trade up and down on the whim of traders rather than the sentiment of long-term investors.

Brian Orelli has no position in any stocks mentioned. The Motley Fool recommends Celldex Therapeutics. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.