EAACI 2026: 76-week Angiodema Data Support Sustained Off-Treatment Benefit for Barzo in CSU; CDX-622 Data De-Risk Repeat IV Dosing and SC Delivery

研报英文原文证据摘录

EAACI 2026: 76-week Angiodema Data Support Sustained Off-Treatment Benefit for Barzo in CSU; CDX-622 Data De-Risk Repeat IV Dosing and SC Delivery

Global Research

15 June 2026ab

Celldex Therapeutics Inc Equities

United StatesEAACI 2026: 76-week Angiodema Data Support

Sustained Off-Treatment Benefit for Barzo in Biotechnology

12-month rating Buy *CSU; CDX-622 Data De-Risk Repeat IV Dosing

and SC Delivery 12m price target US$45.00

Price (15 Jun 2026) US$32.12

Key Takeaways RIC: CLDX.O BBG: CLDX US

CLDX presented updated data for both lead program barzolvolimab (anti-KIT antibody) Trading data and key metrics

(here) and CDX-622 (anti-SCFxTSLP bispecific antibody) (here) at the European Academy 52-wk range US$34.55-20.01

of Allergy and Clinical Immunology (EAACI) annual meeting. For barzo, significant off- Market cap. US$2.14b

treatment improvement in angiodema was observed in patients with chronic Shares o/s 66.6m (COM)

spontaneous urticaria (CSU) with 52-64% remaining angiodema free at week 76 (7

Free float 97%

months off-treatment). Since angiodema (tissue swelling) occurs in ~55% CSU patients

Avg. daily volume ('000) 943

and significantly impacts quality of life (QoL), we believe these results further

Avg. daily value (m) US$29.9

demonstrate the significant durability of barzo and provide additional differentiation vs.

approved biologics in CSU. We also believe these data bode well for translation of Common s/h equity (12/26E) US$0.59b

benefit in Phase 3 studies, which could support meaningful adoption for barzo if P/BV (12/26E) 4.3x

approved. Topline data from the Phase 3 EMBARQ-CSU1/CSU2 trials remain on track for Net debt to EBITDA (12/26E) 1.8x

4Q26 for potential BLA filing in 2027. Additionally, CDX-622 continued to show a dose- EPS (UBS, diluted) (USD)