CLDX: EVO756 Failure in CSU Is a Positive for Barzolvolimab; We Expect a Re-rating on Near-term Catalysts; Reiterate Overweight

Research evidence excerpt

CLDX: EVO756 Failure in CSU Is a Positive for Barzolvolimab; We Expect a Re-rating on Near-term Catalysts; Reiterate Overweight

Equity Research

Flash Comment — June 29, 2026

Biotechnology

Celldex Therapeutics, Inc.

EVO756 Failure in CSU Is a Positive for Barzolvolimab; Overweight

We Expect a Re-rating on Near-term Catalysts; Reiterate Price Target: $54.00

Overweight

Ticker CLDX

Our Call Upside/(Downside) to Target 51.6%

EVO756's failure potentially removes the MRGPRX2 class as a threat to barzolvolimab Price (06/29/2026) $35.62

in CSU. With a solid slate of near-term, high POS clinical catalysts, we believe the upside 52 Week Range $19.52 - 35.79

skew for CLDX shares is favorable. Market Cap (MM) $2,371

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

What happened? EVMN reported that EVO756 failed to meet its primary endpoint in its Derek Archila

Ph2b mod-severe, antihistamine-refractory CSU trial (n=160). No dose demonstrated a Equity Analyst | Wells Fargo Securities, LLC

Derek.Archila@wellsfargo.com | 617-603-4353

stat sig improvement in UAS7 at week 12 vs. pbo. EVMN will discontinue development

in CSU but will continue to advance EVO756 in AD (Ph2b topline expected in 3Q26) and Simone Nasroodin, PharmD

migraine (Ph2b pt dosing expected imminently), noting EVO756's favorable dosing profile Associate Equity Analyst | Wells Fargo Securities, LLC Simone.Nasroodin@wellsfargo.com | 212-214-6412

observed in its CSU study.

Jacob Goell, PhD

Associate Equity Analyst | Wells Fargo Securities, LLC

What's next for barzo? We expect barzo's upcoming Ph2 PN readout this summer and Jacob.Goell@wellsfargo.com | 650-245-0208

Ph3 data for CSU expected in 4Q26 to be positive.