Celldex Therapeutics falls on stopping development of drug for esophageal condition

Shares of drug developer Celldex Therapeutics CLDX.O fall 15% to $20.42 after the bell

Co says will not advance the development of its experimental drug, barzolvolimab, in eosinophilic esophagitis - a chronic inflammatory disease of the esophagus

In a mid-stage study, the drug met the main goal and showed it could potently deplete mast cells in the gastrointestinal tract, but did not result in improvement in symptoms compared to placebo

Co will continue studying barzolvolimab for other skin conditions

Stock down ~5% YTD