Wolfe Research initiated coverage of Celldex with an Outperform rating and $51 price target. The firm is bullish heading into the company’s “major catalyst”, or CIndU phase 2 data reveal expected in the second half of this year, and its “minor catalyst” or the CSU 52-week data update expected in the second half of 2024, the analyst tells investors in a research note. Celldex looks “tremendously undervalued” and, given the success of the phase 2 data, would become a “great” M&A target, the firm added.
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