Canaccord lowered the firm’s price target on Celldex (CLDX) to $62 from $64 and keeps a Buy rating on the shares. The firm said its Phase II EoE study of barzolvolimab showed that the drug works, but just not for EoE. The company announced the discontinuation of the EoE program. Canaccord zeroed out the EoE program from their model, which leads to a $2 decrease in our 12-month PT. They believe these results do not have a read-through into the ongoing Phase III CSU study as well as the planned Phase III development in CIndU for barzolvolimab,
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