P_Wei Wolfe Research has started Celldex Therapeutics off to outperform, citing the promise of barzolvolimab for chronic spontaneous urticaria. The firm has a $51 price target (~47% upside based on Jan. 10 close).
Analyst Andy Chen said that barzolvolimab appears to be the best therapeutic for the skin disease, although patients may prefer oral BTK inhibitors. He added that barzolvolimab phase 2 data was quite strong. The next major catalyst for the company, according to Chen, is phase 2 data in chronic inducible urticaria expected in the second half of the year.
A readout of 52 week data of the biologic in CSU, also expected in H2, is considered a minor catalyst. Chen noted that given the phase 2 data already released, Celldex is "a great M&A target." More on Celldex Celldex Therapeutics: Rising High, With Room For Further Growth Seeking Alpha’s Quant Rating on Celldex Historical earnings data for Celldex Financial information for Celldex.
