Wells Fargo added Celldex to the firm’s Q4 2023 Tactical Ideas List. The firm believe Celldex’s barzolvolimab will be efficacious in the company’s Phase 2 CSU trial expected in Q4 2023, but thinks the Street is overly optimistic on its commercial potential, the more advanced competition and funding required for lengthy Phase 3 trials. Wells has an Underweight rating on the shares with a price target of $21.
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