Celldex Therapeutics shares surge as lead asset shows promise in two skin conditions

By Eleanor Laise

Experimental treatment proves effective in treating hives and an inflammatory skin disease

Celldex Therapeutics (CLDX) shares jumped more than 30% premarket on Monday after the company released positive clinical trial results for its lead asset in both chronic hives and an inflammatory skin disease.

The treatment, a monoclonal antibody called barzolvolimab, produced clinically meaningful responses in patients with moderate to severe chronic spontaneous urticaria, which is characterized by hives that last six weeks or longer and have no identifiable causes, Celldex said in a release Monday.

Data from more than 200 patients showed that barzolvolimab achieved the study's primary goal, which was a statistically significant change in hives activity after 12 weeks, compared with a placebo, the biotech company said.

Separately, Celldex on Sunday released promising early-stage results from a trial of barzolvolimab in prurigo nodularis, a chronic skin disorder that causes an itchy rash. Celldex is looking to start a phase 2 study of the treatment in prurigo nodularis early next year, president and CEO Anthony Marucci said in a statement.

The early efficacy data are "highly encouraging" and support the thesis that the treatment could be a best-in-class therapy, Leerink Partners analysts said in a note Sunday.

Celldex shares have dropped 41.7% in the year to date, while the S&P 500 SPX has gained 13.5%.

-Eleanor Laise

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11-06-23 0815ET

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