Celldex upgraded to Overweight at Wells Fargo after barzolvolimab data

As previously reported, Wells Fargo upgraded Celldex to Overweight from Equal Weight with a price target of $44, up from $37. The 52 week data for barzolvolimab in chronic spontaneous urticaria reveal “a strong benefit/risk profile” and while the drug will be a late-line therapy post omalizumab, the firm views the market as big and at an enterprise value of about $1.4B, it contends that “there is more upside than downside.” Responses were robust regardless of prior omalizumab experience, which Wells believes is key for use in late-line, adding that it thinks the 52 week data further de-risk the ongoing Phase 3 trials, for which it continues to model 90% odds of success.