Just saw Celldex (CLDX) popped overnight on some solid clinical data. Apparently their drug Barzolvolimab is showing really promising results for cold urticaria and this other skin condition called dermographism. Like, patients who needed retreatment got the same level of symptom control as their first dose - that's actually pretty significant for a chronic condition.

The way urticaria works is it's basically your mast cells going haywire, causing hives and sensitivity to cold or friction. This antibody therapy targets that root cause directly. In their Phase 2 extension study, people who relapsed came back and regained disease control when retreated. Complete response rates stayed consistent, and the drug tolerated well.

What's interesting is they're framing this as supporting real-world treatment where patients might need intermittent therapy rather than continuous dosing. They've got a Phase 3 trial called EMBARQ running now for both cold urticaria indications. Stock was at $30.09 Friday, down 1.80%, but up 1.26% overnight to $30.47. Has been trading between $14.40-$31.31 over the past year. Worth watching how the Phase 3 progresses, especially if urticaria management becomes a bigger market opportunity.