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.
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