Canaccord Genuity analyst Edward Nash maintained a Buy rating on Celldex yesterday and set a price target of $62.00.
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Edward Nash’s rating is based on the promising progress of Celldex’s clinical trials and the company’s strategic initiatives. The recent positive results from the Phase II CIndU study for barzolvolimab have been encouraging, and the company is on track to initiate a Phase III trial in December. This advancement in clinical development is a significant factor in the Buy rating.
Additionally, the ongoing enrollment in the Phase III CSU trials and the establishment of a long-term extension study demonstrate Celldex’s commitment to advancing its pipeline. The initiation of a global Phase III study in cold urticaria and symptomatic dermographism further supports the potential for future growth. The company’s efforts in other areas, such as the Phase II studies for prurigo nodularis and atopic dermatitis, as well as the development of the CDX-622 bispecific antibody, also contribute to the positive outlook.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $42.00 price target.
CLDX’s price has also changed moderately for the past six months – from $20.180 to $24.250, which is a 20.17% increase.