Analyst Sam Slutsky of LifeSci Capital maintained a Buy rating on Celldex, reducing the price target to $61.00.
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.
Sam Slutsky has given his Buy rating due to a combination of factors related to Celldex’s ongoing and future clinical programs. Despite the recent setback in the Phase 2 study of barzolvolimab for eosinophilic esophagitis (EoE), which did not meet its primary efficacy endpoints, the drug showed a strong reduction in certain mast cell markers, maintaining a consistent safety profile. This suggests potential in other indications where mast cells play a significant role.
Slutsky’s optimism is further supported by the promising pipeline of Celldex, which includes ongoing Phase 3 programs for chronic spontaneous urticaria (CSU) and chronic inducible urticaria (CIndU), as well as Phase 2 studies for prurigo nodularis (PN) and atopic dermatitis (AD). Additionally, the company’s financial position, with approximately 2.5 years of cash runway, supports continued development of these programs, justifying the Buy rating despite the recent trial results.
Slutsky covers the Healthcare sector, focusing on stocks such as Abivax SA Sponsored ADR, DBV Technologies SA – American, and Celldex. According to TipRanks, Slutsky has an average return of 10.9% and a 40.05% success rate on recommended stocks.
In another report released on August 18, Morgan Stanley also maintained a Buy rating on the stock with a $43.00 price target.