Celldex initiated with a Buy at Stifel

Stifel analyst Alex Thompson initiated coverage of Celldex with a Buy rating and $58 price target. The firm views barzolvolimab as a “potentially best-in-class biologic” for the treatment of chronic spontaneous urticaria, or CSU, a “large and growing commercial opportunity,” the analyst tells investors. Xolair is the only currently-approved treatment in high-dose antihistamine-refractory patients with limited penetration today, in part due to an anaphylaxis Black Box warning, and the firm expects next-gen therapies like barzolvolimab to achieve meaningful use, particularly if a clean label is achieved, the analyst added.