Celldex down after intraday “sell-the-news” reversal after Phase 3 results for chronic spontaneous urticaria

topstockalerts Sep. 22 at 4:49 PM:

Celldex Therapeutics shares fell sharply after an intraday “sell-the-news” reversal following Phase 3 results for barzolvolimab, its investigational treatment for chronic spontaneous urticaria (CSU). The stock initially surged before reversing lower as investors assessed the efficacy data against elevated expectations. The Phase 3 EMBARQ-CSU1 and CSU2 trials, involving 1,939 patients across more than 500 sites in 43 countries, met the primary endpoint and all key secondary endpoints, with efficacy maintained or strengthened through week 24. However, the placebo-adjusted improvement of about 10 points on the UAS7 scale was below the roughly 13-point improvement seen in Phase 2, disappointing investors who had positioned ahead of the results. Stifel reiterated a Buy rating and $68 price target, while H.C. Wainwright raised its target to $64 from $42, with both firms maintaining constructive views on barzolvolimab’s path toward a planned FDA BLA submission in 2027

https://finviz.com/stock?t=CLDX&p=d