Analyst Edward Nash of Canaccord Genuity maintained a Buy rating on Celldex, retaining the price target of $62.00.
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Edward Nash has given his Buy rating due to a combination of factors that highlight Celldex’s promising prospects. The initiation of the Phase III trial for barzolvolimab in treating chronic inducible urticaria (CIndU) is a significant step forward, as this condition currently lacks FDA-approved treatments. This advancement positions Celldex to potentially capture a substantial market opportunity, given the unmet medical need in this area.
Moreover, the drug’s previous success in Phase II trials, where it met primary and secondary endpoints, underscores its potential efficacy. The projected $620 million revenue opportunity by 2036 further supports the positive outlook. Additionally, the growing awareness and investment in the urticaria treatment market enhance the potential for Celldex’s market expansion, making the stock an attractive buy.
According to TipRanks, Nash is a 5-star analyst with an average return of 25.0% and a 51.31% success rate. Nash covers the Healthcare sector, focusing on stocks such as Corcept Therapeutics, Celldex, and Inventiva.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $42.00 price target.