** Morgan Stanley stars coverage on Celldex Therapeutics CLDX.O with "overweight" rating and PT of $46, citing the co's "pipeline potential in alternative mast cell-mediated diseases" and a "risk/reward that is skewed to the upside"
** PT represents a 130.7% upside to stock's last close
** Says co's lead skin disease drug, barzolvolimab, has shown a "potentially market-leading efficacy profile" in chronic urticaria, a condition with "significant unmet need" and limited treatment options
** Expects barzolvolimab to generate $1.3 bln in risk-adjusted revenue by 2035, modestly below consensus estimates, due to competition from other therapies
** Despite competition, barzolvolimab has a "unique ability to deplete mast cells", which could give it an edge in treating most cell-mediated diseases - brokerage
** CLDX fell 50.7% in the last 12 months
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com;))
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