Jasper data alleviates competitive concerns for Celldex, says Citi

Citi keeps a Buy rating on Celldex (CLDX) with a $70 price target after after Jasper Therapeutics (JSPR) reported preliminary data from its ongoing Phase 1b/2a BEACON study of briquilimab, an antibody targeting c-Kit, for the treatment of chronic spontaneous urticaria. While the headline numbers suggest positive results, the details in the presentation “portray a murkier picture,” the analyst tells investors in a research note. The firm says dose response was unclear, and given small sample in the 240mg cohort, briquilimab’s efficacy signal “appeared noisy over time.” Citi thinks Jasper’s data alleviates competitive concerns for Celldex at this time. Looking ahead, Jasper anticipates initiating a registrational chronic spontaneous urticaria program in 2H25, with expansion of the BEACON trial to generate additional supporting data, the firm adds. Celldex shares are down 20c to $27.40 in midday trading while Jasper is down 56% to $7.76.