Wolfe Research cuts Celldex to Peer Perform, sees negative risk-reward skew

As previously reported, Wolfe Research analyst Andy Chen downgraded Celldex to Peer Perform from Outperform after the company disclosed 52-week results from Barzolvolimab Phase 2 study in Chronic Spontaneous Urticaria at EADV 2024. The firm notes that neutropenia side effect risks are overblown, but also notes that high discontinuation rates “suggest lower patient compliance and effective drug price”, the analyst tells investors in a research note. Wolfe adds that Celldex’s catalysts ahead are skewing “more negative”, including the upcoming October data on 12-weeks chronic inducible urticaria -or CindU – that may not materially affect the stock, along with the Jasper CIndU and chronic spontaneous urticaria – or CSU – clinical data in Q4.