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Why Celcuity Stock Popped on Monday
One of the livelier biotech stocks on the market Monday was Celcuity (NASDAQ: CELC), which saw its share price leap nearly 4% higher thanks to the initiation of coverage by an analyst. That initial report on the company was quite bullish, hence the positive investor reaction.
Well before market open, Citizens pundit Silvan Turkcan launched his tracking of Celcuity stock. He rates the clinical-stage biotech a market outperform (i.e., buy) and has set a $150-per-share price target. That’s nearly 20% above the company’s latest closing level and is one of the higher price targets among analysts following Celcuity.
Image source: Getty Images.
An analyst initiated coverage of the biotech.
One of the livelier biotech stocks on the market Monday was Celcuity (CELC +3.84%), which saw its share price leap nearly 4% higher thanks to the initiation of coverage by an analyst. That initial report on the company was quite bullish, hence the positive investor reaction.
On the brink of a decision
Well before market open, Citizens pundit Silvan Turkcan launched his tracking of Celcuity stock. He rates the clinical-stage biotech a market outperform (i.e., buy) and has set a $150-per-share price target. That’s nearly 20% above the company’s latest closing level and is one of the higher price targets among analysts following Celcuity.
Image source: Getty Images.
According to reports, Turkcan’s analysis centers — not surprisingly — on gedatolisib, its investigational drug that targets advanced breast cancer. The medication is less than two months away from the date the Food and Drug Administration (FDA) has set to complete its review of the company’s New Drug Application (NDA) for it.
The analyst pointed out that gedatolisib, one of the more promising oncology drugs currently under review, could eventually be approved for other indications besides breast cancer. That alone would give not only significant value to the drug but also to its developer.
Celcuity
Today’s Change
(3.84%) $4.65
Current Price
$125.68
A hot biotech in a hot segment
Any potential blockbuster cancer drug won’t go ignored by market players for long. Celcuity is on many a biotech investor’s radar due to gedatolisib’s sky-high potential and its fine shot at FDA approval in the very near future.
While the stock is expensive, its leading drug candidate’s potential alone could further increase its value. I’d still be a buyer of this stock.