Feb. 25 at 1:50 PM
Stifel reiterated
$CLDX Buy/
$58, and said, We are reiterating our Buy Rating on CLDX following the announcement that the Ph3 program for Barzolvolimab in CSU which included two parallel Ph3 studies (1,939 patients total).
$NVS $SNY $REGN $AMGN - AZN
Stifel added, added, This comes significantly faster than anticipated (mid-year) and puts topline data in 4Q26-our prior estimate had been 1H27. The enrollment here underscores our view of the significant unmet need within CSU (a market we expect to grow significantly with new launches) and the activity of Barzolvolimab.
Given the strength of the Ph2 dataset and incorporation of the loading dose in Ph3, we think PoS is high while we view no news as good news on the safety front.
As a stock that has largely underperformed given the expectation for Ph3 data in 2027, we think the setup through YE26 has now improved considerably as CLDX sits among the lowest valuations of late clinical stage companies within our coverage universe.
