** Shares of drug developer Celldex Therapeutics CLDX.O fall 8.8% to $32.52 premarket

** Co says it would discontinue the development of its experimental skin disease drug barzolvolimab after it failed to meet the main goal in a mid-stage study

** The treatment is being tested in patients with prurigo nodularis, a chronic skin disease that causes intensely itchy skin lumps and nodules

** Co says the drug did not show meaningful improvement in itch or skin lesions compared with placebo

** CLDX plans to develop barzolvolimab for other inflammatory and allergic conditions

** Up to last close, stock up 31.3% YTD