Celldex Plunges 20% Premarket Despite Positive Phase 3 Hives Data
CLDX sits 45% above its 52-week low of $22.1.
Summary
Celldex shares dropped more than 20% in premarket trading Tuesday even though barzolvolimab met all primary and key secondary endpoints in two Phase 3 chronic spontaneous urticaria trials. The selloff suggests investors are disappointed with the magnitude of efficacy or safety details, despite the company calling the results clinically meaningful and statistically significant. This follows the earlier Reuters report of the positive data, but the market's negative reaction is new information. The company plans to submit a BLA next year and present full data at a future medical meeting.
At the time of this announcement, CLDX was trading at $32.00 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $3B. The 52-week trading range was $22.10 to $45.14. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.