Celldex: 'Strong Buy' Barzolvolimab Carries To Q4 2026 CSU Data Readouts

Celldex Therapeutics remains a "Strong Buy," driven by barzolvolimab’s rapid phase 3 enrollment for chronic spontaneous urticaria [CSU] and multiple late-stage catalysts. EMBARQ-CSU 1 and 2 phase 3 trials completed enrollment six months early; pivotal data expected September/October 2026, with potential BLA filing in 2027 if endpoints are met. Company is diversifying with CDX-622, a bispecific TSLP & SCF inhibitor, showing promising safety and mechanism data in phase 1, targeting asthma and other inflammatory disorders. Recent $323.9M equity raise extends cash runway through 2028, but further dilution or partnerships may be needed to meet long-term liquidity requirements.