Citi lowered the firm’s price target on Celldex (CLDX) to $48 from $56 and keeps a Buy rating on the shares. The company will not pursue barzolvolimab in eosinophilic esophagitis following the Phase 2 data, the analyst tells investors in a research note. Citi believes the shares were pricing in little to no value for this indication. Any selloff on the Phase 2 data will likely be temporary, the firm contends.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CLDX:
- Celldex price target lowered to $42 from $50 at H.C. Wainwright
- Celldex price target lowered to $38 from $44 at Wells Fargo
- Celldex’s Promising Pipeline and Financial Stability Justify Buy Rating Despite Recent Setback
- Closing Bell Movers: La-Z-Boy down 24% after earnings miss
- Celldex down 12.5% at $21.01 after barzolvolimab study update