Bullish indicating open at $55-$60, IPO prices at $37
Investing.com -- Celldex Therapeutics (NASDAQ:CLDX) shares rose as much as 18% on Monday, reaching their highest intraday level since February 2024, after the company released positive long-term data for its experimental skin disorder treatment.
The drug developer provided 76-week data from a Phase 2 study of barzolvolimab in chronic spontaneous urticaria (CSU). The data showed sustained efficacy seven months after patients completed dosing with the drug.
According to the company’s statement, patients continued to experience significant clinical benefit long after treatment ended. Up to 41% of patients reported a complete response at the 76-week mark, while 48% indicated their disease no longer affected their quality of life.
The experimental treatment also demonstrated a well-tolerated safety profile throughout the study period.
HC Wainwright described the sustained efficacy results as "impressive" in its analysis of the data.
Citi analyst David Lebowitz, who maintains a buy rating on Celldex, stated: "Overall, the data confirms our view that barzolvolimab could fit into the treatment landscape as a potential ’last line of defense’ for refractory patients who have failed prior therapies."
Lebowitz highlighted that 41% of patients in the 150mg cohort reported no itching or hives at Week 76, exceeding what Key Opinion Leaders have indicated would be clinically meaningful sustained responses of 12-15%.
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