Leerink Partners analyst Thomas Smith has reiterated their bullish stance on CLDX stock, giving a Buy rating on August 20.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Thomas Smith has given his Buy rating due to a combination of factors related to Celldex’s recent clinical trial results and the potential of their lead asset, barzolvolimab. The Phase 2 trial for barzolvolimab in eosinophilic esophagitis (EoE) did not meet key endpoints for symptom improvement, but the safety profile was very positive, with no severe adverse events reported. This clean safety data is significant for ongoing Phase 3 trials in chronic urticarias, which are considered the main value drivers for the company.
Despite the lack of efficacy in EoE, the safety results have bolstered confidence in barzolvolimab’s potential in other indications like chronic urticarias, prurigo nodularis, and atopic dermatitis. Additionally, the market’s reaction to the trial results was seen as overly negative, as expectations for success in EoE were already low. Therefore, the focus remains on the promising safety profile and the ongoing development in other therapeutic areas, which supports the Buy rating.
In another report released on August 20, Citi also maintained a Buy rating on the stock with a $48.00 price target.
CLDX’s price has also changed slightly for the past six months – from $23.050 to $24.020, which is a 4.21% increase.