Celcuity’s Clinical and Financial Momentum Justifies Buy Rating and $24 Price Target

Needham analyst Gil Blum maintained a Buy rating on Celcuity (CELC – Research Report) today and set a price target of $24.00.

Gil Blum has given his Buy rating due to a combination of factors that suggest positive momentum for Celcuity’s financial and clinical progress. The company’s pivotal VIKTORIA-1 study has achieved a significant enrollment milestone for wild-type patients, which permits an additional $10M in funding through the company’s debt facility. This achievement not only indicates the study’s on-schedule progression but also enhances the company’s financial stability. Moreover, Celcuity’s cash balance at the end of the first quarter stands robust, with enough runway to sustain operations well beyond the upcoming critical readouts, which bolsters confidence in the company’s financial management and long-term viability.
Additionally, the anticipated results for PIK3CA mutant patients are expected to be released in the first half of the following year, maintaining the timeline and potentially catalyzing further positive developments. The initial outcomes from the Phase I study of gedatolisib in combination with Nubeqa in a specific prostate cancer subset are poised to provide additional clinical data to support Celcuity’s therapeutic pipeline. The combination of these clinical advancements, a strong cash position with a runway extending past significant milestones, and the prospect of further data readouts contribute to the rationale behind Blum’s Buy rating and the establishment of a $24 price target.

In another report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $27.00 price target.

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Celcuity (CELC) Company Description:

Celcuity, Inc. is cellular analysis company. The company discovers new cancer sub-types and commercializing diagnostic tests designed to improve the clinical outcomes of cancer patients treated with targeted therapies. Its proprietary CELx diagnostic platform is the commercially ready technology that uses a patient’s living tumor cells to identify the specific abnormal cellular process driving a patient’s cancer and the targeted therapy that treats it. The company was founded in January 2012 by Brian Sullivan and Lance Laing and is headquartered in Minneapolis, MN.