Celldex Therapeutics (CLDX) experienced a significant boost in its stock value, with shares jumping more than 30% in premarket trading. The surge comes after the company revealed positive clinical trial results for its leading asset in both chronic hives and an inflammatory skin disease.
Promising Results for Barzolvolimab
Celldex’s monoclonal antibody treatment, barzolvolimab, showcased clinically meaningful responses in patients suffering from moderate to severe chronic spontaneous urticaria. This condition is characterized by persistent hives that last for more than six weeks and have no identifiable causes. According to the company’s release, data from over 200 patients demonstrated that barzolvolimab achieved the primary goal of the study. There was a statistically significant change in hives activity after 12 weeks compared to a placebo.
Positive Early-Stage Trial Results
In addition to the success in chronic spontaneous urticaria, Celldex also shared promising early-stage results from a trial of barzolvolimab in prurigo nodularis, a chronic skin disorder that causes an itchy rash. Looking ahead, the company plans to initiate a phase 2 study for the treatment of prurigo nodularis early next year, as stated by President and CEO Anthony Marucci.
Analysts at Leerink Partners view the early efficacy data as “highly encouraging” and believe that barzolvolimab has the potential to become a best-in-class therapy.
While Celldex shares have seen a decline of 41.7% year-to-date, the S&P 500 has recorded a 13.5% gain during the same period.