Celldex Therapeutics Inc "Barzo CSU Phase 3 Set-Up Favorable For Potential..."

研报英文原文证据摘录

Celldex Therapeutics Inc "Barzo CSU Phase 3 Set-Up Favorable For Potential..."

Global Research

9 June 2026ab

Celldex Therapeutics Inc Equities

United StatesBarzo CSU Phase 3 Set-Up Favorable For

Potential Approval in 2027; Maintain Buy and PT Biotechnology

12-month rating Buy *to $45

12m price target US$45.00

Prior : US$38.00

Barzolvolimab's Differentiated Profile Supports Significant Upside Potential in Price (09 Jun 2026) US$29.60

CSU

RIC: CLDX.O BBG: CLDX US

We raise our price target to $45 (vs. $38 prior) and maintain Buy. CLDX is a clinical-stage

biotech company developing novel therapies for the treatment of chronic inflammatory Trading data and key metrics

skin conditions, notably chronic spontaneous urticaria (CSU), a skin disease 52-wk range US$34.55-20.01

characterized by recurrent hives and/or swelling without identifiable triggers. The Phase Market cap. US$1.97b

3 program for barzo is well-powered with consistent design, supporting a positive 4Q26 Shares o/s 66.6m (COM)

topline readout and potential 2027 BLA filing. Given these advantages and a large Free float 97%

underserved CSU market, there could still be meaningful upside to our peak sales Avg. daily volume ('000) 942

expectations of $1.6B. Avg. daily value (m) US$29.8

Common s/h equity (12/26E) US$0.59b

Barzolvolimab (barzo), a first-in-class anti-KIT monoclonal antibody, remains P/BV (12/26E) 3.9x

differentiated by its novel mechanism of action and has driven strong physician Net debt to EBITDA (12/26E) 1.8x

and patient interest. Barzo targets the KIT receptor on mast cells blocking

downstream signaling and causing rapid mast cell depletion, a key driver of CSU. EPS (UBS, diluted) (USD)

Physician/patient interest is evidenced by Phase 3 trial enrollment completing ~6 months 12/26E

ahead of schedule.