Barclays upgraded Celldex (CLDX) to Overweight from Underweight with a price target of $45, up from $24. The firm has conviction in a successful Phase 3 readout in chronic spontaneous urticaria. Barclays says it “can’t ignore” the faster than expected enrollment in the Phase 3 EMBARQ trial six months ahead of schedule and the Q4 readout of the study. At a minimum this speaks to the demand and enthusiasm for barzolvolimab, the analyst tells investors in a research note.
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