On Thursday, Needham, adjusted its outlook on Celcuity (NASDAQ:CELC) Inc (NASDAQ:CELUC) shares, a clinical-stage biotechnology company. The firm raised its price target to $24.00, up from the previous target of $23.00, while reaffirming its Buy rating.
The adjustment follows the announcement that Celcuity has surpassed the halfway mark in enrolling patients for its PIK3CA wild type cohort study, with expectations to release findings in the second half of 2024. Additionally, the company is on track to present results from its PIK3CA mutant cohort in the first half of 2025.
Celcuity has also reached a significant milestone in its clinical research by dosing the first patient in a Phase Ib/II combination study. This study is exploring the efficacy of gedatolisib plus Nubeqa in treating metastatic castration-resistant prostate cancer (mCRPC) following progression post-androgen receptor inhibitor (ARI) therapy. Initial results from this study are anticipated in the first half of 2025.
During a recent call, management from Celcuity provided insights indicating confidence in the development of gedatolisib. They noted that there are no expected complications related to the evolving standard of care, including the recent addition of elacestrant, a selective estrogen receptor degrader (SERD). Moreover, potential variations in gedatolisib activity due to differences in mutational background such as ERS1, AKT, or other mutations do not seem to pose a concern.
Needham's increased price target to $24 reflects minor model adjustments, taking into account the company's steady progress in its clinical trials and the management's positive commentary. Celcuity continues to advance its research and development efforts, aiming to bring new treatments to market for patients with cancer.
InvestingPro Insights
As Celcuity Inc (NASDAQ:CELUC) progresses through critical phases of its clinical trials, real-time data and insights from InvestingPro provide a broader financial perspective on the company's current standing. With a market cap of $458.32 million, Celcuity's financial health is underscored by the fact that it holds more cash than debt, a reassuring sign for investors considering the company's funding capacity for ongoing research. However, the company's adjusted P/E ratio for the last twelve months as of Q3 2023 stands at -8.07, reflecting the market's expectations of future earnings growth in light of current losses.
The company's stock performance has been notably strong, with a price total return of 74.95% over the past year, indicating a robust investor confidence which may be associated with the clinical advancements and Needham's recent price target update. Despite the absence of dividend payouts, a common trait for growth-focused biotech firms, Celcuity's shares are trading near their 52-week high, at 95.83% of the peak value. This aligns with the InvestingPro Tip highlighting the company's large price uptick over the last six months, culminating in a 93.19% return in that period.
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