May. 13 at 11:32 AM
Wells Fargo⬆️the PT on
$CLDX to
$54 from
$38, reiterated at Overweight, and said: We are getting more constructive on CLDX ahead of barzo's PN readout in mid-2026.
$SNY - REGN
$GALDY NVS JSPR
Wells Fargo added—We believe the Street underappreciates the biological rationale, supportive Ph1b data and the role mast-cell depletion may play in the PN itch-scratch cycle.
Barzo's Ph2 PN program appears well de-risked. KIT-driven mast cell depletion may disrupt the itch scratch cycle with added rationale from Nemluvio, which inhibits IL-31, a pruritogenic cytokine produced by mast cells and is approved in PN. Supportive Ph1b biomarker activity aligned with clinical responses, while early efficacy compared favorably vs. dupi/Nemluvio despite limited sample size and single-dose exposure. Durable CSU/ CIndU responses further support translational readthrough to PN.
