Celldex selloff on anaphylaxis concerns overdone, says TD Cowen

TD Cowen keeps a Buy rating on Celldex Therapeutics after barzolvolimab hit in the Phase 2 study in patients with chronic inducible urticaria and symptomatic dermographism. The one alleged anaphylaxis case was later determined not to be anaphylaxis by an expert panel, the analyst tells investors in a research note. The firm views the safety concerns as overdone and views the positive cold urticaria data as encouraging for barzolvolimab. While investors have been concerned about the single investigator reported anaphylaxis event, TD emphasizes that an independent adjudication committee of three anaphylaxis experts deemed this case was not anaphylaxis, and pegged the actual rate of anaphylaxis across the barzolvolimab program at a low 1 out of 500, the analyst tells investors in a research note. Hence, the firm believes the negative stock reaction is overdone and continues to be confident in barzolvolimab’s safety profile. Celldex shares in premarket trading are down 10% to $37.70.