Celldex's Phase 3 Barzolvolimab Study in Chronic Spontaneous Urticaria in Focus After Prurigo Nodularis Exit, Morgan Stanley Says
Celldex Therapeutics' (CLDX) ongoing phase 3 study of barzolvolimab in chronic spontaneous urticaria is in near-term focus, with topline results expected in the September/October timeframe, Morgan Stanley said in a Wednesday note.Celldex has decided to discontinue development of barzolvolimab in prurigo nodularis after topline results from a phase 2 study failed to meet the primary or key secondary endpoints at week 12 and did not demonstrate improvements over longer treatment at week 24, Morgan Stanley noted.The phase 2 data was "disappointing" in light of "encouraging" phase 1b data and raises incremental questions pertaining to the role of mast cells in atopic dermatitis given similarities between the two diseases, according to the note.Morgan Stanley lowered its price target on the company's stock to $40 from $44 due to the removal of prurigo nodularis from its model and maintained its overweight rating.Price: $34.13, Change: $-1.53, Percent Change: -4.29%
