Celldex initiated with an Underweight at Barclays

Barclays initiated coverage of Celldex (CLDX) with an Underweight rating and $25 price target The firm launched coverage of eight companies across inflammation and immunology, rare disease, and oncology. While small- and mid-cap biotechnology names have binary risk, investments supported by prior clinical data or de-risked mechanisms of actions represent risk/reward that is skewed to the upside, the analyst tells investors in a research note. Barclays believes the market is rewarding new mechanisms and modes of action that potentially improve dosing frequency and compliance. While Celldex continues to show encouraging clinical data for its lead molecule, barzolvolimab, the shares do not offer meaningful upside through 2026 due to the competitive landscape and safety liabilities, contends the firm.