Celcuity Inc (CELC) PT Raised to $160 at Citizens

Citizens analyst Silvan Turkcan raised the price target on Celcuity Inc (NASDAQ: CELC) to $160.00 (from $150.00) while maintaining a Market Outperform rating.

The analyst commented, "Celcuity's second Phase 3 win highlights the potentially expanding opportunity for gedatolisib in 2L ER+/HER2- advanced breast cancer (BC), as patients without, and now patients with, PI3K mutations derive a benefit. At this point all we know is that the trial was positive by PFS (p<0.05 vs. alpelisib + fulvestrant ~7.3m PFS historically). Data, which are fully embargoed, are set to be presented at ASCO, but we will need to wait to see if gedatolisib met market expectations (~11-12 month mPFS). However, we read the tea leaves using the SAP and summarize some thoughts below. We maintain our Market Outperform rating and increase our price (DCF-derived) to $160 from $150 by increasing our PoS on gedatolisib in PI3Kmut aBC to 85% from 57% based on positive top-line data."

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