Read How Cantor Views Celldex Therapeutics' Barzolvolimab Data - Celldex Therapeutics (NASDAQ:CLDX)

Celldex Therapeutics Inc's CLDX shares closed almost 16% down on Friday after releasing Phase 1b study data of barzolvolimab.
Cantor says the main reason for stock being down is the four patient adverse events on the generally transient, asymptomatic, and mild neutrophil decreases, noting a single Grade 3 case.
- One patient had values that never got below 1,500 and was considered Grade 1 with the scale used.
- Two patients had levels dip below 1,500 at isolated time points and recovered above this level.
- One patient dipped below 1,000 at two isolated time points and was above this subsequently.
There was no pattern of further neutrophil decreases in these patients, and they returned to normal by the end of the study.
Cantor says that while some investors viewed this as a concern, others did not, in light of the details behind these four individuals.
According to some investors, the safety data addressed an overhang showing that chronic dosing does not further enhance KIT suppression but prolongs the effects.
"On efficacy, we have not received much pushback on these data. The sentiment suggests that the company achieved at least the minimum bar of investor expectations," Cantor writes.
Cantor has an Overweight rating on the shares with a price target of $59.00.
Price Action: CLDX shares are up 8.63% at $24.66 during the market session on the last check Tuesday.