Celcuity Inc (CELC) PT Lowered to $25 at Needham & Company

Needham & Company analyst Gil Blum lowered the price target on Celcuity Inc (NASDAQ: CELC) to $25.00 (from $50.00) while maintaining a Buy rating.

The analyst comments: "Celcuity now expects to initiate the VIKTORIA-1 pivotal study of gedatolisib in mid-mid-22' (was 1H:22). Topline data are expected by 2H:24 (was 1H:24) for PIK3CA wild-type (WT) and 1H:25 (was 2H:24) for PIK3CA mutants (MT). Celcuity ended 1Q:22 with ~$78M in cash. Yesterday, the company announced it had arranged financing through a private placement worth $100M, which extends the company's cash runway post readouts for both pivotal studies. We reiterate our Buy rating but are decreasing our Price Target from $50 to $25 to accommodate (1) changes in the interest environment and (2) dilution from the private placement. We are also adjusting the expected launch of gedatolisib from 2024 to 2025 to reflect the updated timelines."

By Vlad Schepkov

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