Celldex initiated with a Buy at Citi

Citi initiated coverage of Celldex with a Buy rating and $70 price target Celldex is evaluating barzolvolimab, a KIT inhibitor, across a range of mast cell-mediated diseases, the analyst tells investors in a research note. The firm says barzolvolimab’s lead program in chronic spontaneous urticaria has been “meaningfully de-risked” given promising Phase 2 data, “which highlighted compelling efficacy that compares favorably to the only approved therapy for the disease, Xolair.” It also believes barzolvolimab is well positioned to be the first therapy approved to treat chronic inducible urticaria, with additional upside from future expansion opportunities.