Celldex barzolvolimab data above expectations, says Wolfe Research

Wolfe Research says Celldex’s 52 week results for barzolvolimab in chronic spontaneous urticaria were above expectations. The UAS7 of 71% and 52% on the two doses at week 52, respectively, improved from 51% and 38% at week 12, is meaningfully above Wolfe’s expectation, the analyst tells investors in a research note. The firm says the closest comparators are remibrutinib 100 mg UAS7 at 56%. Wolfe now has more evidence that UAS7 may be AUC-driven, which “bodes very well for barzolvolimab.” The firm has an Outperform rating on Celldex with a $51 price target. Shares of Celldex are down 20% to $32.62 in midday trading.